The Lofts conversion at 201 Town Center East will deliver 104 loft-style apartments as part of the Santa Maria Town Center Phase I redevelopment.
Santa Monica, Calif., August 20, 2025
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.
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.
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.
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.
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.
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.
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.
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.
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.
The construction loan for The Lofts totals $28.5 million.
JLL Capital Markets arranged the construction financing on behalf of the Vernon Group.
The project is at 201 Town Center East in downtown Santa Monica, Calif.
The conversion will deliver 104 loft-style apartments.
Unit sizes range from approximately 600 to 1,200 square feet.
The existing building will be converted to a courtyard format with double-loaded corridors.
Construction is slated for completion in June 2027.
The JLL team representing the borrower included Matt Stewart, Alex Olson, Ace Sudah, Kyle White and Jacob Michael.
| 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 |
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