Wells Fargo Finances San Diego-Area Seniors Project
Wells Fargo’s Community Lending and Investment (CLI) group provided a total of $57.9 million in financing to Wakeland Housing & Development Corporation for the new construction of La Sabila, an affordable housing community located in the San Diego suburb of Vista. CLI provided a $30.5-million construction loan and a $27.4-million equity investment. The project will ... Wells Fargo's Community Lending and Investment (CLI) group has provided $57.9 million in financing to Wakeland Housing & Development Corporation for the construction of La Sabila, an affordable housing community in Vista, San Diego. The project will include 85 residential units reserved for low-income seniors aged 55+. The CLI provided a $30.5-million construction loan and a $27.4-million equity investment. Wakeland plans to launch the tenant interest list in fall 2025.
Published : a month ago by Paul Bubny in Finance
Wells Fargo’s Community Lending and Investment (CLI) group provided a total of $57.9 million in financing to Wakeland Housing & Development Corporation for the new construction of La Sabila, an affordable housing community located in the San Diego suburb of Vista. CLI provided a $30.5-million construction loan and a $27.4-million equity investment.
The project will consist of 85 residential units reserved for low-income seniors aged 55+. The property will feature on-site management, vehicular parking, community room with computer area and kitchen, laundry facilities, on-site resident services, courtyard/picnic area, and a conference room.
Timothy McCann, Terence Cordero, and Jessica Gonzalez, of CLI arranged the financing. Wakeland plans to launch the tenant interest list for La Sabila in fall 2025. It’s one of four affordable communities Wakeland has under development in the San Diego area.