Santa Monica, Calif., August 20, 2025
News Summary
JLL Capital Markets arranged a $28.5 million construction loan on behalf of Vernon Group to convert the existing building at 201 Town Center East into The Lofts, a 104-unit Class A multifamily project in downtown Santa Monica. Units will range from 600 to 1,200 sq ft and be organized around a central courtyard with double-loaded corridors. The financing supports Phase I of the Santa Maria Town Center master-planned redevelopment, intended to add housing, activate the streetfront, and strengthen walkable urban living in the downtown core, with construction targeted for completion in June 2027.
SANTA MONICA, CALIF. — Construction loan of $28.5 million secured for downtown multifamily conversion
A $28.5 million construction loan has been secured to convert an existing building in downtown Santa Monica into a Class A multifamily property called The Lofts. The financing was arranged by JLL Capital Markets on behalf of the Vernon Group, a Santa Barbara-based developer. The project is part of Phase I of the Santa Maria Town Center redevelopment, a city-led master plan to revitalize the downtown core.
Key details up front
The Lofts will provide 104 loft-style apartments located at 201 Town Center East. Unit sizes will range from about 600 square feet to 1,200 square feet. The project converts the existing building into a courtyard format with double-loaded corridors for apartment access. Construction is planned to finish in June 2027.
Who is behind the deal
JLL Capital Markets arranged the construction financing on behalf of the Vernon Group. The Vernon Group is based in Santa Barbara, Calif., and is the borrower for this conversion project. The JLL team representing the borrower included Matt Stewart, Alex Olson, Ace Sudah, Kyle White and Jacob Michael.
Project and design specifics
The Lofts represents a conversion rather than a ground-up build. The plan modifies the existing structure at 201 Town Center East into a courtyard-style building, a layout that focuses units around a shared exterior space. Interior work will include reconfiguring floor plates and corridors; the design calls for double-loaded corridors, which means apartments will be placed on both sides of central hallways to maximize unit count and efficiency. Loft-style apartments typically feature open floor plans and higher ceilings, and the stated size range of 600 to 1,200 square feet will support a mix of studio, one- and two-bedroom layouts.
Timeline and delivery
Construction is scheduled for completion in June 2027. With work focused on conversion and interior modernization, the schedule reflects time needed for demolition of non-structural elements, mechanical and electrical upgrades, façade and courtyard work, and building systems testing before occupancy.
Context: Santa Maria Town Center redevelopment
The Lofts is part of a larger, master-planned expansion known as the Santa Maria Town Center redevelopment. The City of Santa Monica initiated the redevelopment to help rejuvenate the downtown core, add housing options, and support downtown commerce and street life. Phase I, which includes The Lofts, appears to focus on reuse and infill projects that increase housing supply near transit and local amenities.
Related industry events and market context
Several industry conferences and webinars are scheduled across different sectors and regions that address housing, industrial, seniors housing, and multifamily markets. These gatherings cover topics such as investment, development, operations, financing and regional market trends. Examples include conferences focused on Houston industrial markets, Phoenix multifamily and retail, Austin apartments, Las Vegas industrial and multifamily, North Texas retail and industrial, and a range of seniors housing events in the Southeast. A webinar on student housing design is also scheduled for early September.
What this means for downtown Santa Monica
The Lofts adds mid-market Class A housing supply directly in the downtown area. Lofts with a courtyard focus and unit sizes from 600 to 1,200 square feet can appeal to a mix of renters, from single professionals to small households. As one piece of the broader downtown plan, the project aims to support longer-term goals of activation and revitalization by bringing more residents into the urban core.
FAQ
What is the total loan amount for The Lofts?
The construction loan for The Lofts totals $28.5 million.
Who arranged the financing?
JLL Capital Markets arranged the construction financing on behalf of the Vernon Group.
Where is The Lofts located?
The project is at 201 Town Center East in downtown Santa Monica, Calif.
How many units will The Lofts have?
The conversion will deliver 104 loft-style apartments.
What are the unit sizes?
Unit sizes range from approximately 600 to 1,200 square feet.
What type of conversion is planned?
The existing building will be converted to a courtyard format with double-loaded corridors.
When is construction expected to be completed?
Construction is slated for completion in June 2027.
Who are the JLL team members on the deal?
The JLL team representing the borrower included Matt Stewart, Alex Olson, Ace Sudah, Kyle White and Jacob Michael.
Key project features
| Feature | Detail |
|---|---|
| Project name | The Lofts |
| Location | 201 Town Center East, downtown Santa Monica, Calif. |
| Loan amount | $28.5 million |
| Borrower / Developer | Vernon Group (Santa Barbara, Calif.) |
| Broker / Arranger | JLL Capital Markets (team: Matt Stewart, Alex Olson, Ace Sudah, Kyle White, Jacob Michael) |
| Units | 104 loft-style apartments |
| Unit sizes | 600–1,200 sq ft |
| Design | Courtyard format with double-loaded corridors |
| Project type | Class A multifamily conversion |
| Phase | Phase I of Santa Maria Town Center redevelopment |
| Expected completion | June 2027 |
Deeper Dive: News & Info About This Topic
Additional Resources
- Los Angeles Times — Search: The Lofts Santa Monica
- Wikipedia: Santa Monica, California
- City of Santa Monica — Search: Santa Maria Town Center
- Google Search: Santa Maria Town Center Santa Monica
- JLL — Search: The Lofts Santa Monica
- Google Scholar: adaptive reuse multifamily conversion
- Commercial Observer — Search: The Lofts Santa Monica
- Encyclopedia Britannica: adaptive reuse
- Google News: The Lofts Santa Monica
- Google Search: The Lofts 201 Town Center East Santa Monica
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