Camas Flats

Overview

Size $45.4 Million
Construction Loan, Permanant Loan, & LIHTC Equity

Summary

Community Development Lending and Investment (CDLI) provided $17.9 million in Low-Income Housing Tax Credit (LIHTC) equity (federal) and a $19.3 million construction loan for the construction of Camas Flats, a new affordable housing in Oak Harbor, Washington. KeyBank Commercial Mortgage Group also arranged a $8.2 million Fannie Mae MTEB permanent loan for the project.

The sponsor for the project, Shelter Resources, Inc., is an experienced affordable housing developer based in Bellevue, Washington. Opportunity Council (OC) will service as the nonprofit general partner for this project, providing supportive services and case management to tenants on site. OC’s mission is to help people improve their lives through education, support, and direct assistance while advocating for just and equitable communities.

Camas Flats will consist of 10 garden style walk-up apartment buildings, providing one-bedroom, two-bedroom, and three-bedroom units, as well as one manager’s unit. Residents will also have the use of a large playground and park and an expansive community building on-site.

Camas Flats provides 81 units of much needed affordable housing for those earning no more than 30%–80% of the area median income (AMI). Additionally, the project will include eight units that are specifically Permanent Supportive Housing (PSH) for people experiencing homelessness and two units for veterans. For the PSH units, OC will offer full-time case management services focused on wellness, medical, and behavioral health with specialists as warranted.

Kortney Brown and Caleb Stephens of KeyBank CDLI structured the financing for the transaction. Brad Tucker of KeyBank Commercial Mortgage Group facilitated the permanent loan placement.

Recent Deals

July 2026

us fertility

$1.068 Billion

Senior Secured Credit Facilities

Joint Lead Arranger
Joint Bookrunner
Administrative Agent

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July 2026

Forgent Power Solutions, Inc.

$2.5 Billion

Follow-On Offering

Joint Bookrunner

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June 2026

smileamericapartners

acquired by

kaltroco

Sell-Side Advisor

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June 2026

California Resources Corporation

$550 Million

Senior Notes

Joint Bookrunner

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June 2026

nutrisense

acquired by

dexcom

Financial Advisor

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May 2026

vsp

$500 Million

5.4% Senior Notes Due 2033

$500 Million

5.65% Senior Notes Due 2036

Active Joint Bookrunner

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May 2026

seatgeek

$200 Million

Senior Secured Credit Facilities

Left Lead Arranger
Joint Bookrunner
Administrative Agent

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May 2026

Forgent Power Solutions, Inc.

$2.3 Billion

Follow-On Offering

Joint Bookrunner

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May 2026

elevate infrastructure

a portfolio company of

arclight capital

$173.4 Million

Senior Secured Credit Facilities

Joint Lead Arranger
Administrative Agent
Collateral Agent
Depository Bank

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May 2026

National Fuel Gas Company

$500 Million

Senior Notes due 2029

$500 Million

Senior Notes due 2031

$500 Million

Senior Notes due 2036

Co-Manager

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May 2026

spg

$24 Million

Term Loan, Delayed Draw Term Loan, Revolving Line of Credit, Equipment Finance Line

Sole Lender

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May 2026

pbf energy

$500 Million

Senior Notes

Co-Manager

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May 2026

flatiron search partners

Line of Credit

Sole Lender

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May 2026

harvest midstream

$1 Billion

Senior Notes

Joint Bookrunner

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May 2026

tokkion

acquired by

siris

Senior Secured Credit Facilities

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May 2026

delek

$800 Million

Senior Notes

Co-Manager

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May 2026

virtus

$200 Million

Senior Secured Credit Facilities

Joint Lead Arranger
Administrative Agent

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April 2026

diversified energy company

$1.5 Billion

Senior Secured Credit Facility

Administrative Agent
Coordinating Lead Arranger
Sole Bookrunner
Joint Lead Arranger

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April 2026

the queen senior

The Queen Senior

Construction Loan

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April 2026

the meadow on seneca

The Meadow on Seneca

$14.8 Million

Construction Loan

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April 2026

yesway

$322 Million

Initial Public Offering

Joint Bookrunner

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April 2026

lakeview at westpark

Lakeview at Westpark

$54 Million

FHA (Fixed-Rate Loan)

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April 2026

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$80 Million

Senior Secured Credit Facilities

Structuring Agent
Sole Lender

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April 2026

caturus

$600 Million

Senior Notes

Joint Bookrunner

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April 2026

moosilauke vision

$30 Million

Term Loan & Revolving Line of Credit

Hedge Provider
Treasury Services

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March 2026

bcdsk

affiliated with

highmark

Financial Advisor

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March 2026

wallkill living center

Wallkill Living Center

Equity Bridge Loan and LIHTC Equity

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March 2026

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Palm Villas in Red Bluff

$32.7 Million

Construction Loan, Permanent Loan, and KCBM Swap Contract

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March 2026

forgent

$1 Billion

Follow-On Offering

Joint Bookrunner

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March 2026

modbox storage - piedmont

ModBox Storage - Piedmont

$7.1 Million

CMBS Fixed-Rate Loan

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March 2026

andesa

acquired by

terminus

Exclusive Buy-Side Advisor

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March 2026

dme express

acquired by

palladium equity partners

Sell-Side Advisor

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