Valencia Pointe - Administrative GP / Owner

Dana Mayo

“Valencia Pointe Apartments will provide affordable housing to a hundred families in a range of income brackets in one of the more expensive rental markets in the country. To finance such a substantial development, it was important to have strong creative development partners, flexible lenders, state and local financial participation, and the federal and state tax credits.” 

                                                                   
                                                                                                                                     Dana Mayo – 
 Executive Managing Director, Hunt Capital Partners 

valencia pointe

Highlights

  • 102 Multi-Family Units
  • 58 Two Br Apts
  • 44 Three Br Apts
  • Avail Q2 – 2022
  • 40-80% AMI
  • 39 Units Restricted to 50% or Less
  • 41 Units Restricted to 60% or Less
  • Total Dev Cost: 49,293,906
  • Hard Cost Per Unit: 197,634 
  • Total Cost Per Unit: 483,274 

Overview

Located at 5930 Division Street in San Diego, California, Valencia Pointe will consist of 102 multifamily apartment units with affordable rents in place for households earning 40 – 80 percent of the area median income (AMI). Unit mix includes 58 two br and 44 three-br units in a single residential building.

The Valencia Pointe development not only addresses San Diego’s need for affordable housing, but the project is expected to create over 100 direct and indirect jobs and generate up to $12 million in local income. The social and economic benefits will positively impact the area in the years to come.

Financial Model

Tax-Exempt Bond Proceeds, CalHFA MIP, Taxable Bond Proceeds, Federal LIH Tax Credit Equity, State LIH Tax Credits, Deferred Developer Fee, Deferred Costs, Forgone Developer Fee, Land Note, LIHTC Equity.

If you are looking for affordable housing financing, look no further than Mirka Investments. We are adept in financial engineering including the acquisition of financing from federal to local agencies, tax credit investors, non-profit organizations and more.

Mirka Investments

Mirka Investments with its strategic partners develops and manages high-quality, affordable multifamily rental housing communities. As an Affordable Housing Developer, we are dedicated to working with our partners to provide safe and clean homes for families in need. Our goal is to provide families with the opportunity to live in a stable and affordable community, while also having access to amenities and resources that improve their quality of life. We believe that by investing in our communities, we can make a lasting impact that will benefit everyone involved.

Community

Partners

We were honored to work with these amazing partners on this project.