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JLL Arranges $112M Financing for Affordable Modular Development
JLL Capital Markets and Impact Housing have arranged $112.225 million in financing for Mission Gorge, a modular, affordable housing development in San Diego. A JLL team of executive managing director Charles Halladay, associate Joseph Choi and analyst Will Bond worked on behalf of the borrower, Impact Housing and Verbena Road Holdings, to secure an $85.225-million, three-year, floating rate senior construction loan through ACORE CAPITAL. They also arranged the $27 million in preferred equity with Ascendant Capital Partners.
Situated at 6171 Mission Gorge Rd., the 483-unit Mission Gorge is positioned in the eastern sector of San Diego’s Mission Valley submarket. It offers convenient access to the city’s largest job centers and other attractions.
“The housing industry is not currently capable of producing enough homes to meet demand,” said Drew Orenstein, CEO of Impact Housing. “Impact Housing offers a new solution to address the supply imbalance by using our vertically integrated, modular-based platform.”
