Source: HFF / #Multifamily #Finance
NEWPORT BEACH, CA - HFF announced the closing of a $121.7 million participating mortgage for the development of Anton Milpitas 730, a 266-unit, Class A multi-housing community with 1,800 square feet of retail in Milpitas, California.
The HFF team worked on behalf of the developer, Anton DevCo, to arrange the participating loan through an institutional partner. This is the second phase of Anton’s two-phase development. The HFF team also arranged a participating mortgage for Phase I, which is already under construction, in a transaction that closed in May 2017.
Anton Milpitas 730 is due for completion in 2020 and has been designed to LEED Silver specifications. The five-story, wrap-style building will offer a unit mix ranging from studios to two-bedroom units averaging 762 square feet. Planned project amenities include co-working space; dining and community courtyards; outdoor social space; a resident lounge; rooftop fitness center and pool overlooking the city; pet spa; bike repair station; lounge and a 372-space, six-story parking garage. Units will feature high-speed internet, various smart technology features and upgraded finishes, including quartz countertops and gas ranges.
The transit-oriented project is located on 3.34 acres at 730 E. Capitol Avenue directly across from the nearly completed Milpitas BART station with access to the BART station and VTA Montague light-rail platform through a common access point immediately adjacent to the project. BART will provide residents with a less-than-one-hour commute to San Francisco’s Financial District, and the VTA light rail will provide access throughout Greater San Jose.
The HFF equity placement team included senior managing director Sean Deasy, senior director Mark Erland and director Matthew Benson.