|
|
12/30/24
|
Impact Housing and Verbena Road Holdings have obtained $112.225 mil in financing for the development of Mission Gorge, a modular, affordable housing multifamily development in San Diego. The financing consists of an $85.225 mil, three-year, floating rate senior construction loan through ACORE CAPITAL and $27 mil in preferred equity from Ascendant Capital Partners.
Situated at 6171 Mission Gorge Rd, the project is strategically positioned in the eastern sector of San Diego's Mission Valley submarket. Just 15 minutes north of Downtown San Diego and near the I-8 and the Grantville trolley station, this community offers convenient access to the city's largest job centers and most attractive destinations. Residents will appreciate the proximity to San Diego State University, several of the city's leading hospitals and walking distance access to high-quality retail centers and restaurants.
The community will feature a mix of studios and one-bedroom units that will all be affordable to San Diego’s workforce and specifically to those qualifying as low-income, earning at or below 80% of the area median income. The homes are equipped with quartz countertops, appliances, wall dividers with built-in storage, and recessed lighting with dimmer switches. Community amenities include lounge space, a 4.2k sf roof deck, a fully equipped fitness center, coworking space, ground floor retail and washer and dryer facilities.
Mission Gorge, which will offer rents approximately 20% below comparable market rents, provides an unsubsidized, private capital solution to providing low- and moderate-income housing. The efficiency of Impact Housing’s modular approach is shown through the site being fully entitled at close, with 100% of the modules already constructed.
Charles Halladay, Joseph Choi and Will Bond with JLL Capital Market’s Debt Advisory team arranged the financing.
|
|
 Return to the previous page
|
|
|
|
|
Printer-friendly Version
Email an Associate
