KeyBank Finances Over $100 Million for Affordable Housing in Oceanside

News Summary

KeyBank has revealed its financing of over $100 million for the El Camino Real housing project in Oceanside, California, which aims to provide affordable housing to families in need. The financing includes various loans totaling over $100 million and support from additional funding sources. The project will offer 111 apartments targeted at low to moderate-income families and includes numerous amenities and support services to enhance residents’ living experience.

KeyBank Finances Over $100 Million for Affordable Housing in Oceanside

KeyBank Community Development Lending and Investment (CDLI) has announced a substantial financing package exceeding $100 million for the construction of the El Camino Real housing project in Oceanside, California. This initiative, which is backed by Mirka Investments, aims to provide much-needed affordable housing to local families.

Details on Financing

The financing secured includes a diverse assortment of loans designed to facilitate the construction and eventual operation of the housing development. The package comprises:

• A $32 million tax-exempt construction loan
• A $15 million taxable construction loan
• A $27.8 million permanent loan, which will be privately placed with a KeyBank Commercial Mortgage Group (CMG) institutional investor

In addition to KeyBank’s financing, there are further funds acquired for the El Camino Real project. This includes:

• A $32 million construction loan from the California Municipal Finance Authority via a Multifamily Housing Private Activity Bond issuance
• $12.9 million in certificated credits from the City of Oceanside’s State Housing Tax Credit program, managed by Monarch Private Capital
• $16 million in federal Low-Income Housing Tax Credit equity from WNC

About the Development

Located at 2136 S. El Camino Real, the El Camino Real development will features a four-story residential building that consists of 111 two- and three-bedroom apartments. These apartments will cater to families that earn between 30% and 80% of the area median income, thereby ensuring that the housing remains affordable for those in need.

Besides the residential units, the property will offer a variety of facilities aimed at enhancing the living experience of its residents. The amenities include:

• A leasing office
• A community area featuring 6,500 square feet of common space
• Outdoor recreation spaces
• Central laundry facilities located on each floor

Support Services for Residents

To further support its residents, the El Camino Real project will introduce various services provided by Mission Neighborhood Centers. These services will include:

• Educational programs
• Workforce development initiatives
• Homelessness prevention strategies
• Social services designed to assist families in need

Project Management and Execution

The structure of the financing for this ambitious housing project was led by Matthew Haas of KeyBank CDLI, ensuring that the funds meet the necessary requirements for successful development. Additionally, Hector Zuniga from KeyBank CMG arranged the permanent financing, further demonstrating the bank’s commitment to bolstering affordable housing options within the community.

The El Camino Real housing project is poised to have a significant impact on the Oceanside community by providing essential housing and resources for families facing financial challenges. As the development progresses, it is anticipated that the project will foster a sense of community and stability among its residents, addressing the ongoing need for affordable housing in the area.

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Additional Resources

• Housing Finance: KeyBank Financing Announcement
• Connect CRE: Financing for Oceanside Affordable Project
• NBC San Diego: Oceanside Housing Plan Community Concerns
• Wikipedia: Affordable Housing
• Encyclopedia Britannica: Housing