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**El Camino Commons Secures Over $100M in Financing for Affordable Housing Project in Oceanside**
El Camino Commons, a newly constructed affordable multifamily housing development in Oceanside, California, has secured over $100 million in financing from a combination of public and private sources.
KeyBank Community Development Lending and Investment (CDLI) played a significant role in the financing, providing a $32 million tax-exempt construction loan and an additional $15 million taxable construction loan. In addition, a $27.8 million permanent loan will be privately placed through KeyBank Commercial Mortgage Group (CMG) with one of its institutional investors.
The financing was structured by Matthew Haas of KeyBank CDLI’s Western Regional team, while Hector Zuniga of KeyBank CMG arranged the permanent financing.
Additional funding includes a $32 million construction loan from the California Municipal Finance Authority through a Multifamily Housing Private Activity Bond issuance. The project also received $12.9 million in certificated tax credits from the City of Oceanside’s participation in the State Housing Tax Credit program, facilitated by Monarch Private Capital, as well as $16 million in Federal Low-Income Housing Tax Credit equity from WNC.
Once completed, El Camino Commons will feature a four-story residential building offering 111 two- and three-bedroom apartments. These units are designated for families earning between 30% and 80% of the area median income. The project is being developed by Mirka Investment.
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