Housing Innovation Partners recently purchased a 22-unit affordable housing apartment complex in City Heights. Torrey Pines Bank assisted with acquisition financing for the $4,000,000 purchase of the affordable housing project. Facilitated by Oliver Craig, Torrey Pines Bank worked with Housing Innovation Partners to put in place a creative loan structure acceptable to two additional funding sources focused specifically on the nonprofit development industry.
Housing Innovation Partners is a non-profit 501(c)(3) housing developer located in San Diego County. Incorporated in 1994, they have grown to become the only housing developer in San Diego County focusing solely on the development of permanent supportive housing for low-income, special needs individuals.
Torrey Pines Bank
Torrey Pines Bank, the Southern California division of Western Alliance Bank, Member FDIC, delivers relationship banking that puts clients at the center of everything. Founded in 2003, Torrey Pines Bank offers a full spectrum of tailored commercial banking solutions delivered with outstanding service. With offices throughout San Diego, Los Angeles and Orange County, Torrey Pines Bank is part of Western Alliance Bancorporation, which has more than $70 billion in assets. Major accolades include being ranked as a top U.S. bank in 2023 by American Banker and Bank Director. As a regional bank with significant national capabilities, Torrey Pines Bank delivers the reach, resources and local market expertise that make a difference for customers.