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CLEVELAND, July 07, 2025 /3BL/ – KeyBank Community Development Lending and Investment (CDLI) provided a $32 million tax-exempt construction loan and a $15 million taxable construction loan to finance the new construction El Camino Commons, an affordable multifamily housing property in Oceanside, California. The $27.8 million permanent loan will be privately placed with one of KeyBank Commercial Mortgage Group’s (CMG) institutional investors.
EL Camino Real Apartments will be a four-story residential building with 111 units consisting of two and three-bedroom apartments for families earning between 30% and 80% of area median income (AMI). The property will include a leasing office and a community area within a 6,500 square foot common space, including outdoor recreational space and central laundry rooms on each floor. Supportive Services will be provided by Mission Neighborhood Centers (MNC), which offers educational programs, workforce development, homelessness prevention, and social services.
The sponsor, Mirka Investment, is a real estate development firm known for its high-quality affordable multifamily rental communities as well as their assistance of underserved and diverse portions of the population, including financially struggling families, veterans, seniors, formerly homeless, and developmentally disabled individuals.
The project secured an additional $32 million construction loan from the California Municipal Finance Authority through a Multifamily Housing Private Activity Bond issuance, $12.9 million in certificated credits from the City of Oceanside State Housing Tax Credit program via Monarch Private Capital, and $16 million in Federal Low-Income Housing Tax Credit (LIHTC) equity from WNC.
El Camino Real Apartments will be located in Oceanside, California, just north of Carlsbad. The development benefits from excellent transportation access and proximity to essential community amenities, including quality schools and supportive services.
Matthew Haas of KeyBank CDLI’s Western Regional team structured the financing. Hector Zuniga of KeyBank CMG arranged the permanent financing.
About MirKa Investments, LLC.
MirKa Investments, LLC is a proven leader in developing and managing affordable multifamily housing communities throughout California. With 14 successfully completed projects and 16 more in various stages of development, MirKa continues to demonstrate unparalleled expertise in creating sustainable housing solutions. MirKa’s track record of success reflects its unwavering commitment to creating inclusive communities where residents can truly thrive. For more information, visit www.mirkainvest.com
About KeyBank Community Development Lending and Investment
KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank’s platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low-Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 11 consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act’s passage in 1977.
About KeyCorp
In 2025, KeyCorp celebrates its bicentennial, marking 200 years of service to clients and communities from Maine to Alaska. To learn more, visit KeyBank Heritage Center. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $189 billion at March 31, 2025.
Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.
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