National scope. Local knowledge.
$34,800,000 Construction Financing
Santa Maria, CA | February 2022
Thorofare Capital provided a $34,800,000 construction loan for the development of Elements Apartments, a 167-unit, mid-rise apartment complex in Santa Maria, CA.
With a summer 2023 completion date, Elements Apartments will feature five (5) buildings each two to three stories in height on a project site totaling 4.06 acres. The unit mix will consist of forty nine (49) studio units with an average size of 462 SF, seventy four (74) one-bedroom units with an average size of 629 SF, twenty (20) two-bedroom units with an average size of 948 SF and twenty four (24) three-bedroom units with an average size of 1,329 SF. Building amenities will include a 656 SF lobby, mail room with secured package room, 1,137 community room with kitchen, 291 SF laundry room, two storage rooms, bicycle room with a dog wash station, 683 SF fitness center, 2,200 SF outdoor community deck on the third floor of building 5, and a hot tub on the fourth floor of building 5. Unit amenities will include stainless steel appliances, quartz countertops, garbage disposal, in-unit washer dryers (except studios), central HVAC, wood plank-style flooring and balconies. The property will also feature 7,533 SF of commercial space on the ground floor.
Elements Apartments is in Santa Maria and the adjoining community of Orcutt (unincorporated area within Santa Barbara County to the south) in the Central Coast area of California, in the northern portion of Santa Barbara County. This area is situated approximately 170 miles north of Los Angeles and 270 miles south of San Francisco. Other significant population centers proximate to Santa Maria and Orcutt include San Luis Obispo, approximately 30 miles to the north, and Santa Barbara, approximately 70 miles to the south. The El Camino Real Freeway (U.S. Highway 101) is the primary north/south transportation route connecting all these communities.
The interest-only, highly structured construction loan carries an initial term of three years, in addition to two extension options, and provides accretive future funding towards approved hard and soft costs for the project’s development.
The sponsor is a Santa Barbara-based real estate development, construction and property management firm that has significant experience developing and managing multifamily assets in the area. Specifically, the sponsor has developed two Class A multifamily projects in Orcutt, CA and a 44,000 SF commercial center adjacent to Elements Apartments.