First Phase of Blosser Ranch Underway with $174M Construction Loan

Los Angeles-based lender Priority Capital Advisory closed a $174-million loan on behalf of the ownership for Blosser Ranch, a 160-acre master-planned development in Santa Maria, the largest city in Santa Barbara County. The financing funds both horizontal and vertical construction for the first phase, a 302-unit, three-story garden-style multifamily community situated on 12 acres, and recapitalizes the remaining land within the entire development, positioning the borrower for the project’s six future subphases. It is the largest loan funded since the company was founded in mid-2024. It has closed more than $800 million of debt financing across 29 transactions.

“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,” said Zachary Streit, founder and president of Priority Capital, in a statement. “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 apartments will feature studio, one-, two- and three-bedroom floorplans, ranging from 490 square feet to 1,188 square feet. The Class A community will offer amenities that include a pool and spa, clubhouse, fitness center, business center, outdoor BBQs and firepits, pet park and playground. This first phase is now underway, with anticipated completion in summer 2027.

The financing was arranged through a structured capital stack comprised of a $62.5-million mezzanine financing, originated by Lionheart Strategic Management LLC, led by Andy Klein, managing director and co-head of investments. Centennial Bank, led by Managing Director Garron Robinson, financed a $111.5-million senior construction loan.

Upon full buildout, Blosser Ranch is planned to include approximately 1,500 residential units (single-family and multifamily), retail, a public park, a school and a water retention basin, helping meet long-term housing and community needs in a growing coastal California market.

Santa Maria anchors a fast-growing regional employment base. The area’s largest employer is Vandenberg Space Force Base, located approximately 20 minutes from the site and an epicenter for activity tied to the expanding commercial space economy.

Information for this article was sourced from Priority Capital Advisory.