Canfield Lands $174M Construction Loan for First Phase of SoCal Housing Project
At full buildout, Blosser Ranch is expected to feature roughly 1,500 units, retail space and a school
By Nick Trombola January 15, 2026 4:00 pm
reprints
New master-planned communities are relatively rare in affluent Santa Barbara County, but the development firm behind a 160-acre project in Santa Maria just landed a nine-figure financing package to fund construction of its first phase.
Canfield Development secured $174 million to back the first phase of Blosser Ranch, which calls for a 302-unit, garden-style apartment complex on 12 acres at the corner of South Blosser Road and West Battles Road. The funds will also recapitalize the rest of the development site to make way for six future phases, according to Priority Capital Advisory, which arranged the deal.
The financing comes via two sources: Centennial Bank originated a $111.5 million senior construction loan, and Lionheart Strategic Management originated $62.5 million in mezzanine debt.
The first phase of Blosser Ranch is expected to finish construction by mid-2027. When complete, the master-planned community is expected to feature some 1,500 units, via a mix of multifamily and single-family homes, as well as a school, public park, retail space and a water retention basin, per Priority Capital.
“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,” Zachary Streit, Priority Capital’s founder and president, said 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.”
Housing development in Santa Barbara is rare but typically significant. Roughly this time last year, Westview Capital Partners set a property record for Santa Barbara County via its purchase of a multifamily community in Santa Maria. The private equity firm paid $116 million to Kennedy Wilson for La Vista Apartments, a 460-unit complex not far from Blosser Ranch. The sale set a new bar in the county for both price and number of units sold.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
