U.S. Bank Completes $52 Million Construction Loan for One of the First
Mixed-Income Multifamily Developments in South San Jose since 2004
SAN JOSE, Calif. -- November 20, 2012
U.S. Bank and St. Anton Partners have closed on a $52 million loan to finance
construction of a new mixed-income multifamily community at the corner of
Raleigh Road and Charlotte Drive in San Jose, Calif. It is one of the first
apartment developments in the South San Jose area since 2004.
La Moraga Apartments, a 275-unit community, includes spacious one-, two- and
three-bedroom units. The project is currently under construction and scheduled
to be completed by mid-2014. Amenities at La Moraga include a resort style
pool and spa, fitness center with yoga room, icafe, media and billiards room,
outdoor grill area, neighborhood park frontage with active and passive
“U.S. Bank is committed to community lending and affordable housing
development projects across the country,” said John Chan, senior vice
president for U.S. Bank Community Lending. “We are proud to partner with St.
Anton Partners, a respected California developer. The La Moraga development
will provide versatile housing options to residents in the San Jose
St. Anton Partners has built, owns and manages more than 6,000 multifamily
units in California. Recent developments include Highlands Point Apartments in
San Ramon and The Ridge Apartments in Elk Grove. In addition to La Moraga, St.
Anton Partners has begun construction on Alexander Crossing Apartments in
Napa, Calif. and Granite City Apartments in Folsom, Calif.
“St. Anton Partners is committed to providing multifamily housing in the
Silicon Valley,” said Steve Eggert, co-owner of St. Anton Partners.
About St. Anton Partners
Since 1995, St. Anton Partners has organically grown into one of the leading
privately held multi-family development and investment companies in
California. St. Anton employs over 200 individuals, and has an institutional
quality portfolio of Class A multifamily residential communities throughout
California. As an integrated owner, developer, investor, general contractor
and property management company, St. Anton has earned a reputation as one of
the most efficient multifamily developers in the state.
About U.S. Bank Community Lending Division
U.S. Bank provides hundreds of millions of dollars of financing every year for
the development of housing in communities all across the United States. U.S.
Bank customers are both for-profit and non-profit developers who are bringing
to life a full range of multi-family living for both individuals and families.
Together with these partners, U.S. Bank is helping to address the shortage of
housing that exists in nearly every state where we do business.
About U.S. Bank
U.S. Bank has 673 offices and 7,100 employees in California. U.S. Bancorp
(NYSE: USB), with $352 billion in assets as of Sept. 30, 2012, is the parent
company of U.S. Bank, the 5th largest commercial bank in the United States.
The company operates 3,086 banking offices in 25 states and 5,080 ATMs and
provides a comprehensive line of banking, brokerage, insurance, investment,
mortgage, trust and payment services products to consumers, businesses and
institutions. U.S. Bancorp and its employees are dedicated to improving the
communities they serve, for which the company earned the 2011 Spirit of
America Award, the highest honor bestowed on a company by United Way. Visit
U.S. Bancorp on the web at www.usbank.com.
Teri Charest, U.S. Bank Public Relations
(612) 303-0732, firstname.lastname@example.org
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