LIIF has provided Capstone Equities $8.85 million in early-stage catalytic funding toward their acquisition of a vacant 43.5-acre site in Oceanside. The San Diego County development will include Olive Park Apartments and a publicly accessible pedestrian connection to the existing College Boulevard Sprinter Station across 25% of the total parcel land area; the remaining 75% of total parcel land area (over 32 acres) will be placed in a conservation easement and designated as natural open space.
LIIF’s acquisition loan financed 85% of the purchase costs and will cover 15% of the total predevelopment costs required to build Olive Park Apartments, a new affordable housing complex comprising 199 units for families earning between 30%-80% area median income (AMI), including 11 units set aside for veterans.
Comprising 199 units for families earning between 30%-80% area median income (AMI), including 11 units set aside for veterans.