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8/18/25
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The Vernon Group has obtained $28.54 mil in construction financing for The Lofts, a 104-unit, Class A multifamily development located in downtown Santa Maria. Heritage Walk Lofts is a key component of Phase I in the Santa Maria Town Center Redevelopment, a master-planned expansion initiated by the City of Santa Maria to revitalize the downtown core.
The res project will feature loft-style apartments in two stories of double-height space with a contemporary architectural design. The existing building will be converted to a courtyard format with double-loaded corridors for apartments ranging from 600 sf to 1.2k sf. Construction is expended to be completed in June 2027.
Located at 201 Town Center East, the development sits in a designated opportunity zone, providing significant tax advantages for investors with a 10+ year hold. The project's location offers excellent accessibility to local amenities, employment centers and major transportation routes including Rte-101 and SR-166.
Santa Maria's diverse economy includes thriving industries in aerospace, agriculture, healthcare and retail, with Vandenberg Air Force Base serving as one of the region's largest employers. The area also benefits from its proximity to California Polytechnic State University and the University of California Santa Barbara, which provide a highly educated workforce to the region.
Matt Stewart, Alex Olson, Ace Sudah, Kyle White and Jacob Michael with JLL Capital Markets arranged the financing for the borrower, a Santa Barbara-based developer with three generations of experience in Central Coast real estate. The company has built over 500 multifamily units and currently owns and manages 450 units in the region.
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