SANTA MARIA, CALIF. — Priority Capital Advisory has closed on $174 million in construction financing on behalf of the ownership of Blosser Ranch, a 160-acre master-planned development in Santa Maria. The financing funds both horizontal and vertical construction for the first phase, a three-story, 302-unit, garden-style apartment community on 12 acres. Additionally, the funding recapitalizes the remaining land within the entire development, positioning the borrower for the project’s six future subphases.
The structured capital stack financing includes:
- $62.5 million mezzanine financing, originated by Lionheart Strategic Management, led by Andy Klein.
- $111.5 million senior construction financing, originated by Centennial Bank, led by Garron Robinson
The Class A multifamily property will feature studio, one-, two- and three-bedroom floor plans ranging in size from 490 to 1,188 square feet. Community amenities will include a pool and spa, clubhouse, fitness center, business center, outdoor barbecues, fire pits, a pet park and a playground. Completion of the first phase is slated for summer 2027.
Upon full build-out, Blosser Ranch is planned to include approximately 1,500 single-family and multifamily residential units, retail space, a public park, a school and a water retention basin.