California Community Reinvestment Corporation (CCRC) has put a fresh chunk of long-term money into City Heights, closing a $1.333 million permanent loan for Serenade on 43rd, a 65-home affordable housing community in San Diego’s City Heights. The financing backs the rehab of 20 existing affordable apartments and the construction of 45 new homes, including supportive units for people transitioning out of homelessness.
As reported by the Davis Vanguard, CCRC said the permanent loan is structured to help keep the property affordable over the long haul. Tia Boatman Patterson, CCRC’s president and CEO, told the outlet that “Serenade on 43rd is a great example of what can be achieved when experienced developers have access to the long-term capital they need.”
Developed by Wakeland Housing in partnership with Housing Innovation Partners, Serenade on 43rd opened late last year with a mix of public and private capital. According to the San Diego Housing Commission, the agency provided a $2 million loan and 32 project-based vouchers to support the development, and our earlier local coverage of 65 new affordable apartments is available.
What the loan paid for
CCRC’s $1.333 million slice of the capital stack helps firm up long-term financing that preserves both renovated and newly built units. Wakeland’s project materials describe the roughly $40 million development as a combination of a new four-story building and the rehabilitation of two smaller structures, and they list CCRC alongside other partners in the financing mix.
Recognition and local impact
Serenade on 43rd went on to win the 2026 Ruby Award for Project of the Year - Rehabilitation, an honor the San Diego Housing Federation said recognizes excellence in design, development and community impact. Local officials and service providers point to the project as a model for pairing preservation with on-site case management and county behavioral-health supports that help formerly unhoused residents stay housed.
CCRC, based in Glendale, presents itself as a long-term lender focused on preserving affordability across California through permanent loans and other capital products. The organization’s public materials show rising lending activity in recent years and emphasize funding that serves very low-income households, making the Serenade loan part of a broader preservation strategy.
