Updated Dec 4, 2024
The Vernon Group Secures $42.7M Construction Loan For Elements Apartments, Santa Maria
3558 Skyway Drive
$42,700,000
Units
167
Asset Type
Development Site
Closing
Sep 21, 2023
About this deal
AI
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.
On the Map
$42,700,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93