FINANCED
The Vernon Group Secures $42.7M Construction Loan For Elements Apartments, Santa Maria
3558 Skyway Drive
Development Site
Financed 222 days ago
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
Details
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.View on map
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Address3558 Skyway Drive
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