Vernon Group secures $42.7m construction financing for multi-housing development in California
The Vernon Group announced that it has secured $42.7 million pre-TCO construction take-out financing for Elements Apartments, a 167-unit multi-housing community located in Santa Maria, Calif.
JLL represented the borrower to secure a senior loan through Limekiln Real Estate Investment Management.
Construction commenced in Summer 2021, and the six-building project was approximately 80 percent complete at loan closing, with full CofO expected by January 2024.
Located at 3519 Mercury Drive, 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 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. In addition, the city of Santa Maria is approximately one hour north of Santa Barbara, Calif.