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.
JLL Capital Markets, on behalf of Vernon Group, has secured a $28.5 million construction loan to convert an existing building at 201 Town Center East into The Lofts, a 104-unit Class A multifamily property in downtown Santa Monica, Calif. The project is part of Phase I of the Santa Maria Town Center redevelopment, a master-planned expansion initiated by the City of Santa Monica to revitalize the downtown core. Construction is scheduled to be completed in June 2027.
The construction financing will fund the conversion and upgrades needed to transform the existing structure into loft-style apartments. The Lofts will offer 104 units ranging in size from 600 to 1,200 square feet. The project will reconfigure the current building into a courtyard format and will use double-loaded corridors for apartment access. As a Class A development, the property will target higher-end finishes and amenities appropriate for downtown living.
Located in the heart of the Santa Maria Town Center at 201 Town Center East, The Lofts sits within the City-led master plan aimed at bringing new housing, retail life and urban energy back to the downtown core. The Santa Maria Town Center redevelopment is a phased effort; The Lofts is a component of Phase I, which focuses on creating new residential product and activating pedestrian spaces.
The borrower is Vernon Group, a Santa Barbara-based developer. The JLL team that represented Vernon Group in arranging the construction financing included Matt Stewart, Alex Olson, Ace Sudah, Kyle White and Jacob Michael. The JLL team secured the $28.5 million construction loan to move the conversion forward; specific lender details were not disclosed.
With financing in place, work will continue on design and permitting where needed, followed by the construction and conversion phases. The developer has targeted June 2027 for completion. The conversion will reuse the existing building shell and reorient interior spaces to create the courtyard setting and corridors that improve light, access and flow for residents.
The Lofts adds Class A loft-style housing to the downtown market at a time when the city is pushing to revive the town center. The project supports the city’s plan to breathe new life into the retail and pedestrian corridors, while adding housing stock near transit, jobs and services. The conversion approach can be faster than full new construction and can help reactivate underused buildings more quickly.
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The Lofts, a 104-unit Class A multifamily conversion at 201 Town Center East in downtown Santa Monica.
$28.5 million in construction financing arranged by JLL Capital Markets on behalf of Vernon Group.
Vernon Group, a developer based in Santa Barbara, California.
Apartment sizes will range from 600 to 1,200 square feet.
Construction is slated for completion in June 2027.
The existing building will be converted to a courtyard format with double-loaded corridors for apartment access.
Yes. The Lofts is part of Phase I of the City-initiated Santa Maria Town Center redevelopment, a master-planned expansion to revitalize the downtown core.
The JLL team representing the borrower included Matt Stewart, Alex Olson, Ace Sudah, Kyle White and Jacob Michael.
| Feature | Details |
|---|---|
| Project name | The Lofts |
| Location | 201 Town Center East, Downtown Santa Monica, Calif. |
| Borrower / Developer | Vernon Group (Santa Barbara, Calif.) |
| Financing arranged by | JLL Capital Markets |
| Loan amount | $28.5 million |
| Units | 104 loft-style apartments |
| Unit sizes | 600 – 1,200 sq ft |
| Design | Conversion to courtyard format; double-loaded corridors |
| Classification | Class A multifamily |
| Completion target | June 2027 |
| JLL team | Matt Stewart, Alex Olson, Ace Sudah, Kyle White, Jacob Michael |
| Project phase | Phase I of Santa Maria Town Center redevelopment |
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