Daily Newsletter

13 September 2023

Daily Newsletter

13 September 2023

Techo and Impact Housing close loan for residential project

The project was procured and managed by Impact, with Techo offering the loan itself.

September 13 2023

American developers Techo Funding and Impact Housing US have secured a loan of $57.2m to support the construction of a 324-unit multifamily residential project in San Diego, California, US.

Located at 6440 El Cajon Boulevard, the development is only a few miles from San Diego State University. It will offer new apartment units for households earning 60% to 120% of the area median income.

This project is said to help address San Diego’s currently inadequate supply of low- and moderate-income housing. 

Impact CEO and founder Drew Orenstein said: “With 6440 El Cajon, we now have three projects totalling 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.”

Impact planned, entitled, developed, and managed the project, and Techo will offer a loan to cover its development and stabilisation.

Impact is finalising 34 monthly rented apartments at 3167 Market Street and is now building 72 units at 2911 Adams Street in North Park.

Techo CIO Paul Stockamore said: “The community will benefit from the addition of attainably priced housing supply within close proximity to the [state] university and major job centres. The Impact Housing team has cracked the code on lowering construction cost and passing through lower rents to residents.”

South-East Asia Construction Market Dynamics

Per GlobalData analysis, the South-East Asia construction industry in 2023 is dominated by Indonesia, though the country will see a slowdown compared to 2022 due to elevated building material prices, weak commercial property demand, high interest rates and a softening of external demand. The construction industry in the Philippines is estimated to register a AAGR of 7.2% between 2024 and 2027, supported by the government’s focus on the development of the country’s rail and road transport and energy infrastructure.

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