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Highlights

  • USD32 million tax-exempt and USD15 million taxable construction loans provided by KeyBank CDLI
  • Project includes 111 units for families earning 30%–80% of area median income
  • Permanent USD27.8 million loan arranged with KeyBank CMG institutional investor

KeyBank Community Development Lending and Investment (CDLI) has announced USD47 million in construction financing for El Camino Commons, a new affordable multifamily housing project in Oceanside, California. The funding includes a USD32 million tax-exempt construction loan and a USD15 million taxable construction loan.

The development, to be known as El Camino Real Apartments, will feature a four-story building with 111 two- and three-bedroom units. It will serve families earning between 30 percent and 80 percent of the area median income. The property will also include a leasing office and community amenities within 6,500 square feet of common space, such as outdoor recreational areas and central laundry rooms on each floor.

The sponsor of the project is MirKa Investments, LLC, a California-based real estate development firm with a focus on affordable rental communities. The company has completed 14 housing projects and has 16 others in progress.

Supportive services for the development will be provided by Mission Neighborhood Centers (MNC), which offers a range of community-based programs including workforce development and homelessness prevention.

KeyBank Commercial Mortgage Group (CMG) arranged a USD27.8 million permanent loan that will be privately placed with one of its institutional investors. Additional funding sources include a USD32 million construction loan from the California Municipal Finance Authority through a Multifamily Housing Private Activity Bond issuance, USD12.9 million in certificated credits via the City of Oceanside State Housing Tax Credit program (facilitated by Monarch Private Capital), and USD16 million in Federal Low-Income Housing Tax Credit (LIHTC) equity from WNC.

The development site is located north of Carlsbad in Oceanside, California, offering convenient transportation access and close proximity to local services and schools.

The financing was structured by Matthew Haas of KeyBank CDLI’s Western Regional team, with Hector Zuniga of KeyBank CMG arranging the permanent financing.