Heritage Walk Lofts: $28.54M construction financing secured for Class-A development in Santa Maria

ORANGE COUNTY, Calif., Aug. 15, 2025 – JLL Capital Markets announced today that it has secured a $28.54 million construction financing for The Lofts, a 104-unit, Class-A multifamily development located in downtown Santa Maria, California.

Heritage Walk Lofts is a key component of Phase I in the Santa Maria Town Center Redevelopment, a master-planned expansion initiated by the City of Santa Maria to revitalize the downtown core. The project will feature loft-style apartments in two stories of double-height space with a contemporary architectural design. The building will be converted to a courtyard format with double-loaded corridors for apartments ranging from 600 to 1,200 square feet.

Located at 201 Town Center East, the development sits in a designated opportunity zone, providing significant tax advantages for investors with a 10+ year hold. The project's location offers excellent accessibility to local amenities, employment centers and major transportation routes including Rte-101 and SR-166.

Santa Maria's diverse economy includes thriving industries in aerospace, agriculture, healthcare and retail, with Vandenberg Air Force Base serving as one of the region's largest employers. The area also benefits from its proximity to California Polytechnic State University and the University of California Santa Barbara, which provide a highly educated workforce to the region.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Matt Stewart, Directors Alex Olson and Ace Sudah and Associates Kyle White and Jacob Michael.

"The successful arrangement of construction financing for Heritage Walk Lofts underscores our confidence in the Santa Maria market and highlights the transformative impact this development will have on downtown revitalization," said Stewart. "This project represents a significant step forward in creating a vibrant, pedestrian-focused environment in Santa Maria's core."

The Vernon Group, a Santa Barbara-based developer with three generations of experience in Central Coast real estate, has built over 500 multifamily units and currently owns and manages 450 units in the region. Construction is expended to be completed in June 2027.

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. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

The Vernon Group is a family-owned real estate development company that creates exceptional communities for residents and clients by pushing design boundaries while respecting the environment. Their top-down approach to acquisition, development, construction and management enables them to maximize quality, support community viability and deliver trustworthy investment opportunities in housing, commercial and office environments.

Genesis Capital serves as the preferred capital partner for professional real estate investors, offering prompt and innovative financing solutions across fix and flip, bridge, new construction and rental hold projects. Their diversified product line and swift execution cater to investors and developers with various leverage needs, from single-family renovations to multifamily developments and rental properties. With 85% of clients returning for additional financing, Genesis Capital builds strong relationships while delivering market-leading lending solutions with compelling rates and terms.