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3558 Skyway Drive
FINANCED

The Vernon Group Secures $42.7M Construction Loan For Elements Apartments, Santa Maria

3558 Skyway Drive

Development Site
clock iconFinanced 213 days ago
Chad Morgan
Matt Stewart
Alex Olson
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Summary

Loan
CALIFORNIA
Development Site

The Vernon Group, a real estate firm based in Santa Barbara, has secured a $42.7 million construction loan for the development of Elements Apartments, a 167-unit community located at 3558 Skyway Drive in Santa Maria, California. The loan was provided by Limekiln Real Estate Investment Management.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $42,700,000
  • Address: 3558 Skyway Drive, Santa Maria
  • Market: Santa Maria

Limekiln Real Estate Investment Management acted as the lender for this construction loan, supporting The Vernon Group in their development project. The financing was facilitated by JLL Capital Markets, with brokers Matt Stewart, Alex Olson, Chad Morgan, and Jacob Michael of JLL representing the deal. The completion of Elements Apartments is expected by January 2024, contributing to the real estate landscape in Santa Maria.

Players

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    6

  • Agents

    4

  • Agencies

    1

  • Lenders

    1

Chad Morgan's profile picture
Chad Morgan
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Associate
Jacob Michael's profile picture

Details

Deal Summary
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FINANCED
IMAGE: Matt Stewart, Brad Vernon, Alex Olson, Chad Morgan & Jacob Michael DATE: 09/21/2023 ADDRESS: 3558 Skyway Drive MARKET: Santa Maria ASSET TYPE: Development Site LENDER: Limekiln Real Estate Investment Management LANDLORD: The Vernon Group - Brad Vernon BROKERS: Matt Stewart, Alex Olson, Chad Morgan & Jacob Michael - JLL (@jll) LOAN AMOUNT: $42,700,000 LOAN TYPE: Construction Loan NOTE: The Vernon Group, a Santa Barbara-based real estate firm, secured $42.7 million in construction financing for Elements Apartments, a 167-unit community in Santa Maria, California, with Limekiln Real Estate Investment Management providing the loan. JLL Capital Markets facilitated the financing, and the completion of the project is expected by January 2024.

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