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5/25/17
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Dynamic Development Company has landed a $25.3 mil loan to start ground-up construction of the Refugio Townhome Apartments, a 125-unit residential project in Santa Maria. The loan was provided by Canyon Partners Real Estate LLC.
Refugio Townhome Apartments is located one block west of South Broadway, Santa Maria’s primary retail corridor, and two blocks south of Betteravia Rd, one of the city’s main thoroughfares. The project consists of 27 structures – 26 residential buildings and one community building.
The property features four different floor plans, with units ranging in size from 1.2k sf to 1.8k sf. All offer three bedrooms and either two or three bathrooms plus powder room, nine foot ceilings, private, in-unit washer and dryer and designer kitchens. In addition, each unit has private, direct-access two car garages, a differentiating factor that no other property in the market offers.
Nearly a quarter of the units have a private back yard and all have large outdoor terraces. Common area amenities include a resort-style pool and spa, fitness center, clubroom with tasting kitchen, business center, outdoor barbecue area and children’s playground.
Canyon has invested over $1 bil in 50 projects nationwide. In the past five years alone, Canyon has deployed nearly $780 mil in 40 multifamily investments across the U.S. through senior loans, mezzanine loans, preferred equity and equity, facilitating over $2 bil of investments.
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