Bradley Vernon The Vernon Group Secures Forty Nine Million HUD 223f Refinance For Santa Maria

Elements Apartments, a 167-unit multifamily property in Santa Maria, California, located at 3519 Mercury Drive, is the subject of a HUD 223(f) refinance. The Vernon Group, led by Bradley Vernon, serves as the landlord. The loan amounts to $49,700,000 with Dwight Capital providing the financing; the lender representatives are Josh Hoffman and Jonathan Pomper. Proceeds retire existing debt and fund reserves, and the deal benefits from a reduced green MIP due to the property’s sustainability certification.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $49,700,000

The Vernon Group’s Bradley Vernon oversees the ownership entity on a deal financed through Dwight Capital under HUD 223(f), aiming to optimize the property's capital stack while leveraging sustainability incentives tied to the asset’s certifications.