Western Alliance Plays Key Role in Funding New Affordable Housing in San Diego
San Diego residents now have an attractive new affordable housing option: The Orchard at Hilltop, a mixed-use affordable housing development in San Diego’s Chollas View neighborhood.
The project includes 113 affordable apartment homes from studios to four-bedroom units, a hospitality venue and 6,500 square feet of retail space. By combining and cleaning up a dozen parcels on nine acres, it transforms empty land into a vibrant and sustainable community close to schools, parks and shopping.
Western Alliance Bank Affordable Housing, in collaboration with Boston Capital Finance, played a lead role in financing the development with $31 million in construction debt and $13 million in permanent debt. This private placement debt structure represents Western Alliance’s unique, made-to-measure approach to affordable housing finance. The arrangement offers developers the assurance and convenience of a one-stop debt execution from groundbreaking through the 15-year compliance period — plus the ability for bankers to be more flexible in tailoring the debt to a client’s needs.
The project was the brainchild of Affirmed Housing, a leading affordable housing developer, in partnership with the San Diego Housing Commission. Based in San Diego, Affirmed Housing creates sustainable and award-winning communities throughout California.
The project’s three energy-efficient apartment buildings are designed to meet LEED Gold standards. Located near public transportation, The Orchard at Hilltop readily accommodates residents without a car, while also offering convenient access to Route 94 and downtown San Diego. Shared spaces include a swimming pool, basketball half-court, playground and recreation lawn. Original public art appears in indoor and outdoor spaces throughout the project, while a renewed stormwater channel creates a natural wildlife habitat in the busy urban context.
Western Alliance Bank Affordable Housing is a division of Western Alliance Bank that provides financing for affordable housing developments nationwide, with a particular focus on the western United States. The bank has a long history of supporting affordable housing projects that promote economic opportunity, social equity and community development. Responsive, expert bankers offer an array of solutions, including a complete slate of Treasury Management products and services tailored to clients’ needs.
Western Alliance Bank
With more than $80 billion in assets, Western Alliance Bancorporation is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, offers a full spectrum of tailored commercial banking solutions and consumer products, all delivered with outstanding service by banking and mortgage experts who put customers first. Major accolades include being ranked as a top U.S. bank in 2024 by American Banker and Bank Director and receiving #1 rankings on Extel’s (formerly Institutional Investor’s) All-America Executive Team Midcap Banks 2024 for Best CEO, Best CFO and Best Company Board of Directors. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking and financial brands with offices in key markets nationwide.
