JLL Capital Markets announced today that it has arranged the $42.7 million pre-TCO construction take-out financing for Elements Apartments, a 167-unit multi-housing community located in Santa Maria, California.
JLL represented the borrower, The Vernon Group, to secure a senior loan through Limekiln Real Estate Investment Management, LP (MF1 Capital).
Construction commenced in Summer 2021, and the six-building project was approximately 80% complete at loan closing, with full CofO expected by January 2024.
Located at 3519 Mercury Dr., the property is located at the southeast corner of Auto Park Drive and Mercury Drive, directly off CA-135. The community is adjacent to Santa Maria Airport and is just minutes from Santa Maria Country Club and Waller Park. Nearby retail centers include Acorn Shopping Center, Western Village, Broadway Village, Stowell Center, Santa Maria Town Center and La Brea Plaza. Additionally, the city of Santa Maria is approximately one hour north of Santa Barbara.
The JLL Capital Markets Debt Advisory team was led by Managing Director Matt Stewart, Director Alex Olson, Director Chad Morgan and Analyst Jacob Michael.
“The Vernon Group has solidified itself as one of the premier developers along the central coast of California, and as such, we were able to advise them on a bespoke financing solution that achieved all of their objectives,” said Matt Stewart.
