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 Funds Affordable Housing in Oceanside with Over $100 Million Financing

KeyBank Community Development Lending and Investment (CDLI) has announced substantial financing for the new El Camino Real affordable housing development located in Oceanside, California. This significant investment, exceeding $100 million, aims to alleviate housing shortages and offer additional affordable rental options for families in the region.

Details of the Financing Structure

The financing package for the El Camino Real development includes a mixture of loans aimed at both construction and permanent financing. KeyBank provided:

• 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 one of KeyBank Commercial Mortgage Group’s (CMG) institutional investors.

In addition to these funds, Mirka Investments has secured extra financing which complements the KeyBank loans:

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

Features and Amenities of the Development

The El Camino Real development will feature a four-story residential building that includes:

• 111 two- and three-bedroom apartments designed specifically for families earning between 30% and 80% of the area median income.
• A leasing office to assist residents.
• A 6,500-square-foot community space that encourages interaction among residents.
• Outdoor recreational areas where families can relax and play.
• Central laundry facilities on each floor for convenience.

Support and Services for Residents

To further enhance the living experience, supportive services will be provided by Mission Neighborhood Centers. These services include:

• Educational programs aimed at fostering learning and development.
• Workforce development initiatives to help residents gain employment.
• Homelessness prevention strategies that provide crucial assistance.
• A range of social services to support community well-being.

Location and Importance of the Project

Situated at 2136 S. El Camino Real in Oceanside, this housing development is a critical step towards addressing the housing crisis in the area. With many families struggling to find affordable housing, this project is expected to have a positive impact on the local community by providing much-needed housing and resources.

The combination of financial backing from KeyBank and other entities demonstrates a strong commitment to developing affordable housing solutions. Matthew Haas from KeyBank CDLI was responsible for structuring this impressive financing package, while Hector Zuniga from KeyBank CMG managed the arrangements for the permanent financing.

Conclusion

The El Camino Real project highlights collaborative efforts from various financial institutions and local organizations aimed at tackling housing affordability. As construction progresses, this development aims to create a sense of community, offering a safe and secure environment for families who require financial assistance in their housing endeavors.

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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