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El Camino Commons, a newly constructed affordable multifamily housing development in Oceanside, California, has secured more than $100 million in financing from a combination of public and private sources.
KeyBank Community Development Lending and Investment (CDLI) played a critical role by providing a $32 million tax-exempt construction loan along with a $15 million taxable construction loan. Additionally, the property obtained a $27.8 million permanent loan, which will be privately placed through one of KeyBank Commercial Mortgage Group’s (CMG) institutional investors.
The financing was structured by Matthew Haas of KeyBank CDLI’s Western Regional team. Hector Zuniga of KeyBank CMG arranged the permanent financing.
Additional support came in the form of a $32 million construction loan from the California Municipal Finance Authority through a Multifamily Housing Private Activity Bond issuance. The City of Oceanside also contributed $12.9 million in certificated credits via the State Housing Tax Credit program, facilitated by Monarch Private Capital. Furthermore, the project received $16 million in Federal Low-Income Housing Tax Credit equity through WNC.
Once completed, El Camino Commons—also referred to as the El Camino Real Apartments—will offer a four-story residential building consisting of 111 two- and three-bedroom units. The apartments are intended for families earning between 30% and 80% of the area median income. The project sponsor is Mirka Investment.
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