 |
Rendering of Elements Apartments,
a 167-unit multi-housing community at 3519 Mercury Drive in Santa Maria, CA to be completed in January 2024 |
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LOS ANGELES, CA – JLL Capital Markets has arranged the $42.7 million pre-TCO construction take-out financing for Elements Apartments, a 167-unit multi-housing community located in Santa Maria, California.
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| Matt Stewart |
Construction commenced in Summer 2021, and the six-building
project was approximately 80% complete at loan closing, with full CofO expected
by January 2024.
Located
at 3519 Mercury Dr., the property is located at the southeast corner of Auto
Park Drive and Mercury Drive, directly off CA-135.
The community is adjacent to Santa Maria Airport
and is just minutes from Santa Maria Country Club and Waller Park. Nearby
retail centers include Acorn Shopping Center, Western Village,
Broadway Village, Stowell Center, Santa Maria Town Center and La Brea Plaza.
Additionally, the
city of Santa Maria is approximately one
hour north of Santa Barbara.
Alex Olson
The
JLL Capital Markets Debt Advisory team was led by Managing Director Matt
Stewart, Director Alex Olson, Director Chad Morgan and
Analyst Jacob Michael.
“The
Vernon Group has solidified itself as one of the premier developers along the
central coast of California, and as such, we were able to advise them on a
bespoke financing solution that achieved all of their objectives,” said Matt
Stewart.
JLL
Capital Markets is a full-service global provider of capital solutions for real
estate investors and occupiers.
The firm's in-depth local market and global
investor knowledge delivers the best-in-class solutions for clients — whether
investment sales and advisory, debt advisory, equity advisory or a
recapitalization.
Chad Morgan
The firm has more than 3,000 Capital Markets
specialists worldwide with offices in nearly 50 countries.
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CONTACT:
Jenna Sharp
JLL,
Public Relations
Dallas,
Texas
M
+1 214 394 3356