JLL Capital Markets and Impact Housing have successfully secured $112.225 million in financing for Mission Gorge, a cutting-edge affordable housing development located in San Diego. The borrower, Impact Housing and Verbena Road Holdings, was represented by a team from JLL consisting of executive managing director Charles Halladay, associate Joseph Choi and analyst Will Bond. Together they were able to secure an $85.225-million three-year floating rate senior construction loan through ACORE CAPITAL as well as arrange the remaining $27 million in preferred equity with Ascendant Capital Partners.
Mission Gorge is situated at 6171 Mission Gorge Rd., within the eastern sector of San Diego’s highly sought-after Mission Valley submarket. This prime location offers residents convenient access to major job centers and popular attractions throughout the city.
According to Drew Orenstein, CEO of Impact Housing: “The current state of the housing industry is unable to keep up with demand for new homes.” In response to this issue, Impact Housing has developed a unique solution utilizing their vertically integrated modular-based platform which aims to address supply imbalances within the market.
This successful financing arrangement marks another milestone for both JLL Capital Markets and Impact Housing as they continue their commitment towards providing innovative solutions that meet growing demands within today’s ever-changing real estate landscape.
