Impact Housing And Verbena Road Holdings Secure $112.225M Construction Loan In San Diego

The asset involved in this transaction is a development site located at 6171 Mission Gorge Road in San Diego. The project is focused on modular affordable housing, comprising 374 studio and one-bedroom units. The development is positioned to cater to low- and moderate-income households, offering naturally affordable rents without relying on taxpayer subsidies.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $112,225,000
• Loan Type: Construction Loan
• Loan Terms: three-year
• Lender: Scott Swisher - Acore Capital; Ascendant Capital Partners
• Landlord: Drew Orenstein - Impact Housing; Dennis Wong - Verbena Road Holdings
• Brooks: Charles Halladay, Joseph Choi & Will Bond - JLL

JLL Capital Markets played a crucial role in securing $112.225 million in financing for the Mission Gorge modular affordable housing project. The lenders involved in the financing, ACORE Capital and Ascendant Capital Partners, are pivotal in supporting the development led by Impact Housing and Verbena Road Holdings.