CRE: $28M Construction loan secured for multifamily development in Santa Maria
By Staff Report
The Heritage Walk Lofts, a 104-unit, Class-A multifamily development located in downtown Santa Maria, has secured a $28.54 million construction loan courtesy of Orange County-based JLL Capital Markets.
Announced Aug. 15, The 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 Vernon Group, a Santa Barbara-based developer with three generations of experience in Central Coast real estate and the group behind The Lofts, has built over 500 multifamily units and currently owns and manages 450 units in the region. Construction is expected to be completed in June 2027.
The project will feature loft-style apartments in two stories of double-height space with a contemporary architectural design. Located at 201 Town Center East, the building will be converted to a courtyard format with double-loaded corridors for apartments ranging from 600 to 1,200 square feet.
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, according to the press release, along with the benefit of being close to Cal Poly San Luis Obispo and UC Santa Barbara.
JLL Capital Market’s Debt Advisory team, representing the borrower, was led by Senior Managing Director Matt Stewart, Directors Alex Olson and Ace Sudah and Associates Kyle White and Jacob Michael.
“The successful arrangement of construction financing for Heritage Walk Lofts underscores our confidence in the Santa Maria market and highlights the transformative impact this development will have on downtown revitalization,” said Stewart. “This project represents a significant step forward in creating a vibrant, pedestrian-focused environment in Santa Maria’s core.”
