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 Grants $100 Million for Affordable Housing Project in Oceanside

KeyBank Community Development Lending and Investment (CDLI) has committed over $100 million in financing to support the development of affordable housing at the El Camino Real project in Oceanside, California. This significant investment aims to create a valuable living space for families in the region who are struggling to find affordable options that meet their financial constraints.

Breakdown of Financial Support

The financial package provided to Mirka Investments for the El Camino Real development includes a variety of loans to support the construction and operation of the housing project:

• A $32 million tax-exempt construction loan
• A $15 million taxable construction loan
• A $27.8 million permanent loan that will be privately placed with KeyBank’s Commercial Mortgage Group’s institutional investors

Additionally, the project has attracted further financing through:

• 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
• $16 million in federal Low-Income Housing Tax Credit equity from WNC

Details of the Housing Development

Located at 2136 S. El Camino Real, the El Camino Real project is set to rise to four stories, featuring a total of 111 apartments. These units will consist of both two- and three-bedroom layouts, specifically designed for families earning between 30% and 80% of the area median income. This initiative is an important step in addressing the housing crisis faced by many families in the region.

Amenities and Support Services

The development will also include a suite of community-focused amenities such as:

• A leasing office
• A community area sprawling across a 6,500-square-foot common space
• Outdoor recreation space for resident enjoyment
• Centralized laundry facilities on each floor

In addition to housing, supportive services will be available for residents through Mission Neighborhood Centers. These services will include educational programs, workforce development initiatives, homelessness prevention strategies, and various social services aimed at improving the quality of life for all residents.

Financing Structure by KeyBank

The intricate financing structure for the El Camino Real project highlights KeyBank’s commitment to facilitating affordable housing development. Matthew Haas from KeyBank CDLI played a pivotal role in structuring this multifaceted financing package, while Hector Zuniga of KeyBank CMG successfully arranged the permanent financing solutions.

Significance of the Project

The El Camino Real housing project stands as a noteworthy contribution to the landscape of affordable housing in Oceanside. With parent companies focused on ensuring that families have access to quality, affordable living spaces, the swift advancement of such projects is crucial to meeting the increasing demands faced by many communities across the country. As housing affordability continues to be a pressing issue, initiatives like El Camino Real offer hope and practical solutions for residents in need.

Conclusion

The completion of the El Camino Real project will not only provide necessary housing assistance to local families but also foster a sense of community through enhanced support services. With financing exceeding $100 million and a well-structured development plan, Oceanside is set to gain a vital resource for its residents as more families embark on the journey toward stable and affordable housing.

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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