Financing has been secured for the development of a 111-unit affordable housing community in Oceanside, California.
KeyBank Community Development Lending and Investment (CDLI) announced it is providing a $32 million tax-exempt construction loan and a $15 million taxable construction loan to finance the construction of El Camino Real Apartments. A $27.8 million permanent loan will be privately placed with one of KeyBank Commercial Mortgage Group’s (CMG’s) institutional investors.
Under development by Mirka Investment, El Camino Real Apartments will be a four-story residential building consisting of two- and three-bedroom apartments. The property will include a leasing office and about 6,500 square feet of common space, including outdoor recreational areas and central laundry rooms on each floor. Supportive services will be provided by Mission Neighborhood Centers.
The project secured an additional $32 million construction loan from the California Municipal Finance Authority through a multifamily housing private-activity bond issuance, $16 million in federal low-income housing tax credit equity from WNC, and $12.9 million in certificated credits from the city of Oceanside state housing tax credit program via Monarch Private Capital.
Matthew Haas of KeyBank CDLI’s Western regional team structured the financing. Hector Zuniga of KeyBank CMG arranged the permanent financing.