An announcement from KeyBank Community Development Lending and Investment (CDLI) has revealed that it will be providing loans for the El Camino construction project in Oceanside.
The tax-exempt construction loan amounting to $32 million along with a taxable $15 million loan will be used to build the 111-unit affordable housing community, El Camino Real Apartments. This is in addition to a privately placed $27.8 million permanent loan with one of the institutional investors of KeyBank Commercial Mortgage Group’s (CMG’s)
The El Camino Real Apartments, which are under development by Mirka Investment, will consist of a single four-story residential building comprised of two- and three-bedroom apartments. The building will also house common space of approximately 6,500 square feet that will include a central laundry room per floor plus outdoor recreational areas.
Banner printing services are often engaged to help lease newly constructed rental units.
An additional $32 million construction loan was secured for the project from the California Municipal Finance Authority by means of an issuance of a multifamily housing bond, $16 million from WNC in the form of a tax credit equity for federal low-income housing and certificated credits of $12.9 million from Oceanside’s housing tax credit program through Monarch Private Capital.
The complex financing structure was handled by a Western reginal team member of KeyBank CDLI’s, Matthew Haas with KeyBank CMG Hector Zuniga arranging the permanent financing.
Supportive services for El Comino Real Apartments will be supplied by Mission Neighborhood Centers.
Location
4065 Oceanside Blvd.
Suite D
Oceanside, CA 92056
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