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April 22, 2024
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Santa Maria Res Development Refinanced with $35 Mil Take-Out Loan Prior to Completion


Dynamic Development Company has financed Refugio Apartments, a 125-unit luxury townhome rental community in Santa Maria, with a take-out loan of $35 mil. The refi, arranged by JLL Capital Markets and provided by Annaly Capital Management, will facilitate replacing the existing construction loan and completion of the project, located at 270 West McCoy Lane.

Refugio Apartments is situated on 7.2 acres and comprises seven stucco buildings with 125 luxury townhome rentals. Units are two and three stories, offer three bedrooms, at least 2.5 bathrooms, balconies, attached two-car garages, and private backyards in select units, a significant feature in the market. Community amenities include a 3k sf recreational center with a resort-style swimming pool, year-round spa, a barbecue area, business center, and resident clubhouse with a built-in fitness center.

JLL’s Aaron Niedermayer, Reid McGlamery, Brian Buglione and Brandon Krupetsky arranged the new loan. Residents are currently occupying Refugio Apartments. Final completion of construction is scheduled for June 2019.

“The property has outstanding highway and retail access and is located a short drive from Vandenberg AFB, the third-largest U.S. Air Force base in the U.S. and a key demand driver in Santa Maria,” said McGlamery. “The refinancing enables Dynamic Development Company to complete construction and deliver a first-class product in an area with attractive demographics.”

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