The CMFA Completes the Issuance of $84,865,000 in Bonds for Ascent 613
Ascent 613 is a 501(c)(3) tax-exempt nonprofit public benefit corporation based in California. The complex consists of nineteen buildings totaling 220,353 square feet (the “Improvements”), developed in two phases between 2018 and 2024. The Improvements and appurtenant structures sit on approximately 9.8 acres of land (approximately 426,888 square feet), and together with the Improvements, the “Student Residences.” The Student Residences are well located in the City of San Diego and future urban planning in the immediate area is expected to transform this area with multiple land uses that include residential, retail, commercial, and hospitality and that the Student Residences site has good accessibility to freeways and to employment centers and is well suited for residential development. Each living unit at the Student Residences includes several key features, such as: a one- or two-car garage (depending on the number of bedrooms), granite or quartz kitchen countertops, a stainless-steel double kitchen sink with a garbage disposal, stainless steel appliances, a built-in dishwasher, a washer and dryer, elevator access from the garage, and a balcony, patio, or deck. The living units are also equipped with HVAC systems for climate control. The financing of this project will result in providing student housing for 188 households in the County of San Diego.