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
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