California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Oceanside Affordable Project Secures $100M-Plus in Financing
El Camino Commons, a new construction affordable multifamily housing property in Oceanside, has secured more than $100 million in financing from private and public sources. KeyBank Community Development Lending and Investment (CDLI) provided a $32-million tax-exempt construction loan and a $15-million taxable construction loan; the $27.8-million permanent loan will be privately placed with one of KeyBank Commercial Mortgage Group’s (CMG) institutional investors.
Matthew Haas of KeyBank CDLI’s Western regional team structured the financing. Hector Zuniga of KeyBank CMG arranged the permanent financing.
The project secured an additional $32-million construction loan from the California Municipal Finance Authority through a Multifamily Housing Private Activity Bond issuance, $12.9 million in certificated credits from the City of Oceanside State Housing Tax Credit program via Monarch Private Capital and $16 million in Federal Low-Income Housing Tax Credit equity from WNC.
El Camino Real Apartments will be a four-story residential building with 111 two- and three-bedroom apartments for families earning between 30% and 80% of area median income. The sponsor is Mirka Investment.
- ◦Development
- ◦Financing
