Housing Innovation Partners Opens new Property
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, a division of Western Alliance Bank, Member FDIC, helps business clients realize their ambitions. Founded in 2003, Torrey Pines Bank offers a full spectrum of loan, deposit and treasury management capabilities, plus superior service. With nine offices throughout San Diego and Los Angeles, along with Western Alliance Bank’s powerful array of specialized financial services, the banking division is a valued resource for Southern California’s business, real estate, professional, municipal and nonprofit communities. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation, with more than $50 billion in assets. Western Alliance is again #1 best-performing of the 50 largest public U.S. banks in the new S&P Global Market Intelligence listing for 2020 and ranks high on the Forbes “Best Banks in America” list year after year.