MENLO PARK, CA—U.S. Bank and St. Anton Partners have closed on a $96 million construction loan for the Anton Menlo Apartments. The 394-unit community, currently under construction and set to be completed in 2016, will provide much-needed housing in a jobs-rich Silicon Valley.

Located less than two miles from Facebook's headquarters campus, Anton Menlo is the first significant multifamily development in Menlo Park in more than 30 years. While planning the development, St. Anton Partners and the City of Menlo Park worked closely with the community and regional groups to create an extensive bicycle and pedestrian program for the neighborhood and surrounding employers.

“As Menlo Park has emerged as a tech and entrepreneurial hub, population growth has outpaced residential housing supply,” said Lisa Gutierrez, vice president for U.S. Bank Commercial Real Estate. “As such, we saw double-digit rent growth in the city last year. Given its size, Anton Menlo will help reduce upward pressure on rent prices while providing a blueprint for the type of housing that professionals in this region are seeking.”