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, working on behalf of Vernon Group, secured a $28.5 million construction loan for The Lofts, a Class A multifamily conversion in downtown Santa Monica. The project will convert the existing building at 201 Town Center East into a 104-unit courtyard-style apartment community, with work slated for completion in June 2027.
The financing covers construction and conversion costs tied to 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. The Lofts will deliver 104 loft-style apartments, with unit sizes ranging from 600 to 1,200 square feet. The existing structure at 201 Town Center East will be reworked into a courtyard format and will include double-loaded corridors for apartment access.
Vernon Group, based in Santa Barbara, Calif., is the borrower for the construction loan. The capital was arranged by JLL Capital Markets, which represented the borrower in the financing transaction. The JLL team handling the deal included Matt Stewart, Alex Olson, Ace Sudah, Kyle White, and Jacob Michael.
The Santa Maria Town Center redevelopment is a City of Santa Monica initiative aimed at strengthening the downtown core through a mix of housing, retail, and public space improvements. The Lofts is part of Phase I of this master plan and is intended to add modern, higher-end rental housing within walking distance of downtown amenities and transit links. Converting an existing building into a courtyard-style multifamily property is intended to activate the street edge and create a more pedestrian-friendly block while increasing housing supply.
The Lofts will offer loft-style layouts with open floor plans and a range of unit sizes to suit different household types. Units will measure between 600 square feet and 1,200 square feet. The conversion will reorganize internal circulation around double-loaded corridors and open a central courtyard to provide shared outdoor space for residents. The design focuses on creating a Class A rental product in a dense downtown location.
The project adds to a wave of downtown redevelopment projects that aim to refresh aging commercial and mixed-use areas with new housing and public amenities. With construction financing secured, ground work and conversion tasks will follow established permitting and construction schedules. The projected completion in June 2027 gives the development team time to manage tenant protections, construction phasing, and local approvals before opening the property to renters.
Industry groups continue to host events where developers, lenders and operators discuss trends relevant to projects like The Lofts. Upcoming gatherings and webinars cover topics from industrial and multifamily markets to seniors housing, student housing design, healthcare real estate, and regional investment trends. These events provide forums for networking and technical discussion on financing, operations, and development strategies that affect conversions and new builds across regions.
The Lofts represents both a financing milestone and a practical example of how public-led master planning and private development can combine to add housing in a high-demand downtown area. The conversion approach recycles an existing building, introduces a courtyard living format, and aims to deliver a Class A product that aligns with the City of Santa Monica’s goal of reinvigorating its downtown core.
The Lofts is a Class A conversion of the existing building at 201 Town Center East into a 104-unit multifamily property with loft-style apartments and a courtyard layout.
A construction loan of $28.5 million was secured by JLL Capital Markets on behalf of Vernon Group.
The Lofts is located in downtown Santa Monica at 201 Town Center East and is part of Phase I of the Santa Maria Town Center redevelopment.
Construction is scheduled for completion in June 2027.
The project will include 104 loft-style apartments with unit sizes ranging from 600 to 1,200 square feet.
JLL Capital Markets arranged the construction financing and represented Vernon Group. The JLL team included Matt Stewart, Alex Olson, Ace Sudah, Kyle White, and Jacob Michael.
It is a master-planned expansion led by the City of Santa Monica intended to revitalize the downtown core with new housing, retail, and public spaces. The Lofts is part of Phase I of that plan.
| Feature | Detail |
|---|---|
| Project name | The Lofts |
| Location | 201 Town Center East, Downtown Santa Monica, Calif. |
| Financing | $28.5 million construction loan arranged by JLL Capital Markets |
| Borrower | Vernon Group (Santa Barbara, Calif.) |
| Unit count | 104 loft-style apartments |
| Unit sizes | 600 to 1,200 sq ft |
| Design highlights | Courtyard conversion; double-loaded corridors; Class A finishes |
| Role in larger plan | Component of Phase I of the Santa Maria Town Center master plan |
| Estimated completion | June 2027 |
| JLL team members | Matt Stewart, Alex Olson, Ace Sudah, Kyle White, Jacob Michael |
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