News release

$42.7M construction take-out financing secured for multi-housing development on the California Central Coast

JLL Capital Markets arranged the financing for the 167-unit Elements Apartments in Santa Maria, California

September 20, 2023

Jenna Sharp

Property Management and Capital Markets
+1 214 438 6450

LOS ANGELES, Sept. 20, 2023 – JLL Capital Markets announced today that it 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.

JLL represented the borrower, The Vernon Group, to secure a senior loan through Limekiln Real Estate Investment Management, LP (MF1 Capital).

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.

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

For more news, videos and research resources on JLL, please visit our newsroom.

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About The Vernon Group

The Vernon Group is one of the leading developers and operators of mixed-use apartment communities along the Central Coast of California. They have developed, own and operate over 500 multifamily units, totaling approximately $300 million in assets.   The Vernon Group has built and developed a strong network of consultants, municipal officials, and sub-contractors over the last 20+ years, and their vertically integrated structure allows for maximizing value through the entire life cycle of an opportunity.