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.