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3/31/22
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The Vernon Group has secured $34.8 mil in financing for the construction of the 167-unit Elements Apartments in Santa Maria, CA. The loan was provided by Thorofare Capital Inc.
Elements boasts a transit-oriented location, with walkability to various restaurants, stores, offices, and the adjacent Skyway Commercial Center, on the highly trafficked corner of Highway 135 and Skyway Drive, which offers multiple food and beverage venues, fitness studios and an urgent care. The project is near the Santa Maria Airport and east of the Santa Maria YMCA. It is walking distance to Santa Maria Country Club.
Once completed, the project will feature six buildings each three to four stories in height. With an average unit size of 719 sf, the unit mix will consist of 49 studio units, 74 one-bedroom units, 20 two-bedroom units and 24 three-bedroom units.
Amenities will include a lobby, mail room with secured package room, a community room with kitchen, laundry and bicycle storage areas with a dog wash station, a fitness center, an outdoor community deck and a rooftop spa. Unit amenities will include stainless steel appliances, quartz countertops, wood plank-style flooring and spacious balconies. The project will also feature 7.5k sf of commercial space on the ground floor.
Eric Jones of Phoenix-based Churchill Commercial Capital Inc arranged the floating rate, interest-only loan. It carries an initial term of three years followed by two extension options and capitalizes the project budget through its lease-up upon commencement of operations.
Santa Maria and the adjoining unincorporated community of Orcutt are in the Central Coast area of California, in the northern portion of Santa Barbara County. This area is situated approximately 170 miles north of Los Angeles and 270 miles south of San Francisco. The Santa Maria multifamily submarket is reporting a vacancy rate of 2.3%. Market rents for Class B+ and A properties in Santa Maria increased by 5.3% in 2020 and by 26.6% in 2021. Other than Elements Apartments, there are limited new developments planned or under construction within the Santa Maria submarket.
Vernon Construction Inc will be the general contractor and serves as the construction management arm of the Vernon Group. In the past 25 years, Vernon Construction has built 90 custom residences, 500 multi-family units, various mixed-use commercial projects, and master planned communities over 200 acres. Currently, Vernon Construction is overseeing the development of seven construction projects in Orcutt, Santa Barbara and Santa Maria. Province Land Company, an affiliate of the sponsorship, will serve as the property manager.
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