Construction has officially commenced at Blosser Ranch, a significant development project in Santa Maria, California. This phase is supported by a substantial financing package, which includes a $174 million construction loan arranged by Los Angeles-based lender Priority Capital Advisory. The funding will facilitate both horizontal and vertical construction for the first phase of the project, which encompasses a 302-unit, three-story garden-style multifamily community on 12 acres.
This financing not only covers the initial phase but also recapitalizes the remaining land within the larger 160-acre master-planned development, positioning the borrower to advance through the project’s six subsequent subphases. This loan marks a significant achievement for Priority Capital, representing the largest single loan since its inception in mid-2024. The firm has successfully closed over $800 million in debt financing across 29 transactions.
Zachary Streit, founder and president of Priority Capital, commented on the complexity of securing such financing. He stated, “Closing a construction loan that also recapitalizes land, especially for the inaugural phase of a master plan, requires creativity, persistence and the right project, sponsor and capital partners. This was a complex, highly structured transaction, and I am proud to deliver liquidity and certainty of execution for a project that will truly be place-making for Santa Barbara County. I am looking forward to seeing Blosser Ranch come to life.”
The first phase will offer a variety of apartment options, including studio, one-, two-, and three-bedroom floorplans, ranging from 490 to 1,188 square feet. This Class A community is designed to include a range of amenities, such as a pool and spa, clubhouse, fitness center, business center, outdoor BBQs and firepits, a pet park, and a playground. The anticipated completion date for this initial phase is set for summer 2027.
Financing for the project involves a structured capital stack, which includes $62.5 million in mezzanine financing from Lionheart Strategic Management LLC, led by managing director Andy Klein. In addition, Centennial Bank, under the guidance of managing director Garron Robinson, provided a senior construction loan of $111.5 million.
Upon full completion, Blosser Ranch is projected to include approximately 1,500 residential units, alongside retail space, a public park, a school, and a water retention basin. This development aims to address the long-term housing and community needs in a rapidly growing coastal market.
The Santa Maria area, which hosts the largest employer, Vandenberg Space Force Base, serves as a hub for the expanding commercial space economy. The base is located approximately 20 minutes from the construction site, further enhancing the area’s appeal for potential residents.
Information for this article was sourced from Priority Capital Advisory. The details highlight not only the financial aspects of the project but also its potential impact on the local community and economy.
