$12M Facility Moves Forward For Academic, Athletic Site In SD Co.

SAN DIEGO COUNTY, CA - Construction of an athletic and academic facility in southeastern San Diego will go forward due to an investment partnership with Mission Driven Finance, Civic San Diego and the Alliance Healthcare Foundation.

According to the partners, Access Youth Academy intended to build the $12 million facility on a vacant lot, but lacked pre-development funding to qualify the project for new markets tax credit financing, according to officials.

Stepping in was Mission Driven Finance, Civic San Diego and the Alliance Healthcare Foundation with an offer of an $800,000 bridge loan to the academy, allowing construction of the facility to proceed.

"Taking a flexible approach to finance allows us to close gaps like this for Access Youth Academy and get more kids going to great colleges," said Mission Driven Finance CEO David Lynn.

Once completed, the facility will sit one block north of Market Creek plaza near Horton Elementary School, according to the academy.

"This was a deep investment in young members of our community in recognition of the ripple effects the Access transformational program provides," said Elizabeth Dreicer, Alliance Healthcare Foundation's interim executive director. "We are pleased to now also assist Access in relocating to their new home through our Program Related Investment (Impact Investment) program in partnership with Mission Driven Finance and Civic."

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-City News Service/Image via Shutterstock