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1/19/26
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Canfield Development Inc has obtained a loan of $174 mil for construction of the first phase of Blosser Ranch, a 160-acre master-planned development in Santa Maria. The financing funds both horizontal and vertical construction of a 302-unit, three-story garden-style multifamily community situated on 12 acres, and recapitalizes the remaining land within the entire development, positioning the borrower for the project’s six future subphases.
The apartments will feature studio, one-, two-, and three-bedroom floorplans ranging from 490 sf to 1.2k sf. The Class A community will offer a robust amenity program, including a pool and spa, clubhouse, fitness center, business center, outdoor BBQs and firepits, pet park, and playground. This first phase is now underway, with anticipated completion in summer 2027.
Zachary Streit, Founder and President of Priority Capital Advisory, arranged the structured capital stack, which consists of:
• $62.5 mil mezzanine financing, originated by Lionheart Strategic Management LLC, led by Andy Klein, Managing Director and Co-Head of Investments
• $111.5 mil senior construction financing, originated by Centennial Bank, led by Garron Robinson, Managing Director
Upon full buildout, Blosser Ranch is planned to include approximately 1,500 residential units (single-family and multifamily), retail, a public park, a school, and a water retention basin, helping meet long-term housing and community needs in a growing coastal California market.
Santa Maria has experienced meaningful population growth, yet new housing deliveries have remained limited. From 2010 to 2020, the city’s population grew by more than 10,000, while just 1,102 new housing units were delivered over that same period, according to CoStar. With ongoing growth and increasing demand from higher-wage employment sectors, the market has a need for high-quality, for-rent housing, and Blosser Ranch is positioned to address that pent-up demand.
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