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3519 Mercury Drive

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

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

3519 Mercury Drive

$49,700,000

Building Size

Asset Type

MultiFamily

Closing

Jul 28, 2025

AI

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.

Players

Josh Hoffman

Dwight Capital

Lender

$217.2M

vol

6 deals

Lender
Dwight Capital
Dwight CapitalLender
The Vernon Group
The Vernon GroupLandlord

Santa Maria MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.32%

Cash-on-Cash

-0.09%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93