SANTA MARIA, CALIF. — Priority Capital Advisory has arranged $174 million in financing for Canfield Development’s 160-acre master-planned project Blosser Ranch in Santa Maria. The loans will fund the first phase of construction: a 302-unit, three-story garden-style multifamily community set on 12 acres.
The to-be-named property will be comprised of one-, two- and three-bedroom units and such amenities as a pool and hot tub, a clubhouse, fitness and business centers, grills, firepits and a pet park. Construction is underway, and Canfield estimates the apartment community will be complete by summer 2027.
The financing includes a $62.5 million mezzanine loan originated by Lionheart Strategic Management and a $111.5 million senior construction loan originated by Centennial Bank. Upon full buildout, Blosser Ranch will include approximately 1,500 single-family and multifamily residential units, retail, a public park, a school and a water retention basin. The overall project will be fully developed in six future phases.