Canfield Development Secures $174M for 302-Unit Community in Santa Maria, California
Canfield Development has secured a $174 million construction loan for a 302-unit community in Santa Maria, California, as part of the larger 160-acre Blosser Ranch development. The project, which includes various amenities and a mix of apartment sizes, is set for completion in summer 2027 and will ultimately feature 1,500 residential units along with retail and public spaces.
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Canfield Development has obtained a $174 million construction loan for a 302-unit community in Santa Maria, California. The financing includes a $62.5 million mezzanine note from Lionheart Strategic Management and a $111.5 million senior loan from Centennial Bank.
This project is the initial phase of the 160-acre Blosser Ranch development, which will ultimately feature 1,500 residential units, retail areas, a public park, a school, and a water retention basin. The 12-acre garden-style community will consist of three-story buildings with studio, one-, two-, and three-bedroom apartments ranging from 490 to 1,188 square feet.
Amenities will include a pool, clubhouse, fitness center, business center, outdoor barbecue area, pet park, and playground, with completion expected in summer 2027. The development is situated 20 miles northeast of Vandenberg Space Force Base.
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