Canfield Secures $174M for SoCal Project
The community is the first phase of a 1,500-unit master-planned development.
Canfield Development has secured a $174 million construction loan for the development of a 302-unit community in Santa Maria, Calif. Lionheart Strategic Management and Centennial Bank originated the financing.
Priority Capital Advisory brokered the deal. The community represents the first phase of a 160-acre master-planned project dubbed Blosser Ranch. Upon completion, the megadevelopment will comprise 1,500 residential units, retail spaces, a public park, a school and a water retention basin.
The financing was divided into a $62.5 million mezzanine note issued by Lionheart Strategic Management and a $111.5 million senior loan originated by Centennial Bank. The funds will also recapitalize the remaining land within the entire Blosser Ranch development.
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The first phase will be a garden-style community spanning 12 acres. The three-story development will enclose residences with studio, one-, two- and three-bedroom layouts, ranging from 490 to 1,188 square feet. Shared amenities will include a pool with spa, clubhouse, fitness center, business center, outdoor barbecue area, pet park and playground. Completion is anticipated for summer 2027.
The master-planned community is within 20 miles northeast of the Vandenberg Space Force Base, the area’s largest employer. Santa Barbara, Calif., is some 63 miles southeast.
Priority Capital Advisory President & Founder Zachary Streit worked together with Lionheart Managing Director Andy Klein and Centennial Bank Managing Director Garron Robinson in arranging the transaction. The deal marks Priority Capital’s largest closing since the company launched in 2024.
Construction activity in the West holds steady
At the end of December, almost 450 multifamily properties were under construction across Western metros, according to Yardi Matrix data, set to add more than 96,800 residential units upon completion. Out of them, 309 are market-rate properties, 114 fully affordable and 23 partially affordable.
During the same month, multifamily deliveries in major Californian cities seemed to account for around 2.0 percent of the total stock, a recent Yardi Matrix multifamily report shows. Completions in Los Angeles accounted for 2.3 percent of total inventory, while in San Diego the figure stood at 2.2 percent and in San Francisco at 1.9 percent.
