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The Vernon Group Secures $42.7M Construction Loan For Elements Apartments, Santa Maria
FINANCED
$42,700,000
+ 2
California
See Similar DealsDevelopment Site
Financed 09/21/2023
FINANCED
The Vernon Group Secures $42.7M Construction Loan For Elements Apartments, Santa Maria
3558 Skyway Drive
See Similar DealsDevelopment Site
Financed 09/21/2023
+ 2
Summary
CALIFORNIA
Asset Type:Development Site
Transaction Type:Loan
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
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$42,700,000.00
Monthly NOI$284,666.67
Monthly Debt Service$269,893.05
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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