JLL Capital Markets and Impact Housing have successfully secured $112.225 million in financing for Mission Gorge, a modular affordable housing project located in San Diego. The borrower, Impact Housing and Verbena Road Holdings, was represented by a JLL team consisting of executive managing director Charles Halladay, associate Joseph Choi and analyst Will Bond. They were able to secure an $85.225-million senior construction loan through ACORE CAPITAL with a three-year floating rate term as well as arrange $27 million in preferred equity with Ascendant Capital Partners.
The 483-unit Mission Gorge development is situated at 6171 Mission Gorge Rd., within the eastern sector of San Diego’s popular Mission Valley submarket. Its prime location offers convenient access to the city’s largest job centers and other attractions.
According to Drew Orenstein, CEO of Impact Housing: “The current state of the housing industry is not meeting demand due to insufficient production.” He believes that their company’s vertically integrated platform using modular techniques will provide an innovative solution for addressing this supply imbalance.
