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Impact Housing JV Gets $112M for San Diego Affordable Project

Dec. 20, 2024

Impact Housing and Verbena Road Holdings have obtained a financing package amounting to $112.2 million for the development of Mission Gorge, a 483-unit modular workforce housing project in San Diego. JLL arranged the financing.

ACORE CAPITAL provided a three-year, $85.2 million construction loan, while Ascendant Capital Partners contributed $27 million in preferred equity. The financing includes no subsidies.

Impact also partnered with Las Palmas Housing & Development Corp., a nonprofit corporation specializing in the development of affordable housing and social service programs.

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