SAN DIEGO, CALIF. — Impact Housing and Verbena Road Holdings have secured $112.225 million in financing for the construction of Mission Gorge, a 483-unit affordable housing development located at 6171 Mission Gorge Road, roughly 8 miles north of downtown San Diego.
Charles Halladay, Joseph Choi and Will Bond of JLL Capital Markets worked on behalf of the borrower to secure an $85.225 million, three-year, floating rate senior construction loan through ACORE CAPITAL. JLL also arranged $27 million in preferred equity with Ascendant Capital Partners.
Mission Gorge will feature a mix of studio and one-bedroom units to households earning at or below 80 percent of the area median income. Planned amenities include a 4,150-square-foot roof deck, fitness center, coworking space, ground floor retail and laundry facilities.