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 Finances Over $100 Million for Affordable Housing Development in Oceanside

KeyBank Community Development Lending and Investment (CDLI) has successfully secured financing exceeding $100 million for the El Camino Real affordable housing project located in Oceanside, California. This substantial funding is aimed at constructing a new residential building that will cater to families in need of affordable housing solutions.

Details of the Financing

The financing package provided by KeyBank includes a diverse range of loans designed to support the construction and long-term viability of the El Camino Real project. The funding breaks down as follows:

• $32 million tax-exempt construction loan
• $15 million taxable construction loan
• $27.8 million permanent loan, privately placed with one of KeyBank Commercial Mortgage Group’s institutional investors

In addition to KeyBank’s support, the project has also secured financing from other sources, including a $32 million construction loan from the California Municipal Finance Authority through a Multifamily Housing Private Activity Bond issuance and $12.9 million in certificated credits from the City of Oceanside’s State Housing Tax Credit program via Monarch Private Capital. Moreover, $16 million in federal Low-Income Housing Tax Credit equity from WNC helps further support the project.

Project Overview

Located at 2136 S. El Camino Real, the El Camino Real development will feature a modern four-story residential building that includes:

• 111 apartments with two and three-bedroom configurations
• Designated units for families earning between 30% and 80% of the area median income

Each apartment aims to provide a comfortable living space for families striving for financial stability in the Oceanside area. The property will also enrich the community with various amenities:

• A leasing office
• A community area, spanning 6,500 square feet, for residents to gather
• Outdoor recreation space for families to enjoy
• Central laundry rooms conveniently located on each floor

Supportive Services for Residents

The El Camino Real project is not only focused on providing housing but also emphasizes the well-being of its residents. Supportive services will be made available through Mission Neighborhood Centers, which aims to offer:

• Educational programs to enhance learning and skills
• Workforce development initiatives to help residents secure employment
• Homelessness prevention strategies to provide stability
• A range of social services to support resident needs

Team Behind the Financing

KeyBank’s Community Development Lending and Investment team played a pivotal role in structuring the financing for the El Camino Real project. Matthew Haas was instrumental in navigating the complexities of the financing arrangements, while Hector Zuniga from KeyBank Commercial Mortgage Group arranged the permanent financing options, ensuring the long-term sustainability of the project.

Community Impact

The El Camino Real housing development represents a significant step toward addressing the growing demand for affordable housing in Oceanside. By providing accessible living options for families, this project aims to foster community growth and stability, ultimately contributing to the overall improvement of living conditions in the area.

As construction moves forward, stakeholders are optimistic about the positive impact the El Camino Real development will have on the local community, offering hope and support to families in need of affordable housing solutions.

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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