SANTA MONICA, CALIF. — JLL Capital Markets, on behalf of Santa Barbara, Calif.-based Vernon Group, has secured a $28.5 million construction financing for The Lofts, a Class A multifamily property in downtown Santa Monica. The project is a component of Phase I in the Santa Maria Town Center redevelopment, a master-planned expansion initiated by the City of Santa Monica to revitalize the downtown core.
The Lofts will feature 104 loft-style apartments ranging from 600 square feet to 1,200 square feet. Located at 201 Town Center East, the existing building will be converted to a courtyard format with double-loaded corridors for apartments. Constructed is slated for completion in June 2027.
Matt Stewart, Alex Olson, Ace Sudah, Kyle White and Jacob Michael of JLL represented the borrower in the financing.