HFF Lands $121M Financing for CA Development
Anton DevCo's community, scheduled for completion in 2020, will include 266 units, 372 parking spots and 1,800 square feet of retail space.
HFF has closed a $121.7 million participating mortgage for the development team behind Anton Milpitas 730 in Milpitas, Calif. The Class A, 266-unit multifamily community will feature 1,800 square feet of retail space. This is the second phase of a two-phase development. Anton Milpitas 730, designed to LEED Silver specifications, is slated for a completion date in 2020.
The HFF team worked on behalf of California multifamily developer Anton DevCo to arrange the participating loan through an institutional partner. The team had also arranged a participating mortgage for Phase I, now under construction, in a transaction closing May 2017.
Anton develops, constructs, owns and manages market-rate and affordable multifamily communities and has developed more than 10,000 units in 50 communities in 22 years.
The wrap-style five-story building will feature a range of configurations from studios to two-bedroom apartments. Floor plans will average 762 square feet. Units will feature high-speed internet, an array of smart technology features and upgraded finishes that include gas ranges and quartz countertops.
Among the common-area amenities are rooftop fitness center with pool featuring city views, a co-working space, dining and community courtyards, an outdoor social space, a resident lounge, a pet spa, a bike repair station, a lounge and a 372-space, six-story parking garage.
The transit-oriented development is situated on a 3.34-acre parcel at 730 E. Capitol Avenue directly across from the nearly completed Milpitas BART station. It will feature access to the BART station and VTA Montague light-rail platform via a common access point directly adjacent to the development. On BART trains, residents will be able to commute to San Francisco’s Financial District in less than one hour. The VTA light rail will offer access throughout Greater San Jose.
The HFF equity placement team was comprised of senior managing director Sean Deasy, senior director Mark Erland and director Matthew Benson.