JLL Capital Markets announced that it has secured a $28.54 million construction financing for The Lofts, a 104-unit, Class A multifamily development located in downtown Santa Maria, California. Heritage Walk 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.
Located at 201 Town Center East, the development sits in a designated opportunity zone, providing significant tax advantages for investors with a 10+ year hold. The project’s location offers excellent accessibility to local amenities, employment centers and major transportation routes including Rte-101 and SR-166.
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. The area also benefits from its proximity to California Polytechnic State University and the University of California Santa Barbara, which provide a highly educated workforce to the region.
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.”
The Vernon Group, a Santa Barbara-based developer with three generations of experience in Central Coast real estate, has built over 500 multifamily units and currently owns and manages 450 units in the region. Construction is expended to be completed in June 2027.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
