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 downtown Santa Monica building into a 104-unit, Class A multifamily property called The Lofts. The financing was arranged by JLL Capital Markets on behalf of the borrower, Vernon Group, which is based in Santa Barbara. Construction is scheduled to finish in June 2027.
The project is located at 201 Town Center East and is part of Phase I of the Santa Maria Town Center redevelopment. The work will convert the existing building into a courtyard-style layout with apartments served by double-loaded corridors. Unit sizes will range from roughly 600 to 1,200 square feet, aimed at loft-style living in the downtown core.
The construction loan covers conversion costs tied to making the building meet Class A multifamily standards. JLL Capital Markets acted for the borrower in securing the financing. The JLL team representing the borrower included Matt Stewart, Alex Olson, Ace Sudah, Kyle White and Jacob Michael.
The existing structure at the site will be rebuilt internally to create a courtyard format that opens toward shared outdoor space. Apartments will be organized along double-loaded corridors, a common layout that places units on both sides of the hall to maximize apartment count while keeping access efficient. The unit mix will be loft-style apartments spanning one-bedroom sizes up to larger, open-plan layouts at 1,200 square feet.
The Lofts is a component of the master-planned expansion known as the Santa Maria Town Center redevelopment. That redevelopment was initiated by the City of Santa Monica with the goal of revitalizing the downtown core and increasing housing supply and amenities in the area. Phase I includes this conversion and other site improvements intended to strengthen retail and residential activity in the town center.
Construction is slated to complete in June 2027. The timeline covers interior reworking, courtyard creation, corridor and circulation upgrades, and all systems work required to bring the building to Class A standards. The conversion approach allows owners to reuse the existing structure while adding modern apartment features.
The financing and conversion reflect a larger trend of adaptive reuse and downtown infill in coastal California cities, where existing buildings are reshaped to add housing while supporting walkable cores. Industry gatherings and conferences often tackle these trends. Events across multiple regions cover topics such as industrial and multifamily development, seniors housing, affordable housing, student housing design, and health care real estate. These forums bring together people involved in development, leasing, financing and operations to discuss market conditions, deal flow and best practices.
Securing construction financing is a major milestone that enables construction contractors and designers to move from planning into the build phase. For this project, the loan provides the capital needed to convert the existing building and complete the courtyard and corridor redesigns that will define the property’s layout and unit mix.
The construction loan totals $28.5 million.
JLL Capital Markets secured the financing on behalf of the borrower, Vernon Group, which is based in Santa Barbara, California.
The project is at 201 Town Center East in downtown Santa Monica, California.
The Lofts will feature 104 loft-style apartments with unit sizes ranging from approximately 600 to 1,200 square feet.
Construction is slated for completion in June 2027.
The existing building will be converted to a courtyard format and will use double-loaded corridors to organize apartment access.
The Lofts 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.
| Feature | Detail |
|---|---|
| Project name | The Lofts |
| Location | 201 Town Center East, Downtown Santa Monica, Calif. |
| Loan amount | $28.5 million |
| Borrower | Vernon Group (Santa Barbara, Calif.) |
| Project type | Class A multifamily conversion |
| Unit count | 104 loft-style apartments |
| Unit sizes | 600–1,200 sq ft |
| Design features | Courtyard format; double-loaded corridors |
| Part of | Santa Maria Town Center redevelopment — Phase I |
| Construction completion | June 2027 |
| JLL borrower team | Matt Stewart; Alex Olson; Ace Sudah; Kyle White; Jacob Michael |
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