Techo Funding and Impact Housing Announces $57.2 Million Construction Loan for Workforce Apartment Homes in San Diego

The project at 6440 El Cajon Boulevard will add 324 low- and moderate-income homes near San Diego State University

SAN DIEGO, Sept. 12, 2023 /PRNewswire/ -- Techo Funding, LLC ("Techo") and Impact Housing US, LLC ("Impact Housing") announce the closing of construction financing for an upcoming 324-unit multifamily project in San Diego.  The firms share a common mission focused on providing housing that is attainably priced for middle-income households who are among the most underserved demographic in San Diego. 

The project, located at 6440 El Cajon Boulevard, is situated within a mile of San Diego State University and will provide new apartment homes for households earning between 60% and 120% of area median income (AMI), helping fulfill San Diego's unmet need for low- and moderate-income housing.  The project was sourced, designed, entitled, manufactured, constructed, and managed by Los Angeles-based Impact Housing.  Techo will provide $57,200,000 in debt to fund the construction and stabilization of the project.

6440 El Cajon Boulevard builds on Impact Housing's recent experience in San Diego. The company is completing 34 units at 3167 Market Street that offer monthly rents starting from $1,850 and is currently constructing 72 units at 2911 Adams Street in North Park. 

"With 6440 El Cajon, we now have 3 projects totaling 430 units under construction, and we are only just getting started. San Diego needs over 50,000 low- and moderate-income housing units this decade and we intend to do our part to ensure teachers, nurses, military service members, hospitality workers, and thousands of other hard-working San Diegans have access to quality housing options they can afford," said Drew Orenstein, Impact Housing's CEO and Founder. 

Jim Schneider, Executive Director of the College Area Business Improvement District, stated "adding residential density to the El Cajon Boulevard commercial corridor is a priority for us, as it will boost our local economy by providing College Area businesses with new patrons and employees.  Our community wants and needs this type of new housing, and our organization is supportive of Impact Housing's project."

Paul Stockamore, Chief Investment Officer at Techo, said "the community will benefit from the addition of attainably priced housing supply within close proximity to the University and major job centers. The Impact Housing team has cracked the code on lowering construction cost and passing through lower rents to residents."

About Techo Funding:
Techo is a lender to real estate developers and homebuilders making a lasting positive community and environmental impact. The platform provides project-specific financing solutions designed around these needs. Techo primarily finances developers who deliver innovative solutions that create or preserve attainably priced homes. As a wholly owned subsidiary of Yellowstone Capital Partners, a Pan-American real estate investment firm with approximately $1.1BN in assets under management, Techo's team has direct experience across the spectrum of development, enabling a deeper partnership than a traditional lender. Techo is a signatory of the Principles of Responsible Investment.

About Impact Housing:
Impact Housing is a mission-driven multifamily developer focused on addressing Southern California's housing crisis by rapidly delivering a high volume of unsubsidized apartment homes. Impact Housing has conceived an innovative model for manufacturing quality apartment homes more quickly and at a low cost. The time and cost savings result in a high quality lifestyle at low rents that are naturally affordable to moderate- and low-income households. 

Contact:
Edu Santana
[email protected]  

JP Ackerman
[email protected] 

SOURCE Techo Funding; Impact Housing