OCEANSIDE, Calif., July 30, 2025 (GLOBE NEWSWIRE) — WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, MirKa Investments, LLC, and Mission Neighborhood Centers, Inc. have begun construction on El Camino Real, a $60.7 million, 110-unit affordable housing community in Oceanside, Calif.’s established Mira Costa neighborhood.
The development features a four-story building comprising 55 two-bedroom and 55 three-bedroom garden-style apartments, all designated for households earning between 30% and 80% of the area median income (AMI). Additionally, eight units will receive project-based Section 8 vouchers.
“El Camino Real represents more than just new housing — it’s an investment in Oceanside’s economic future,” said Anil Advani, Executive Vice President of Originations and Finance at WNC. “By creating high-quality, affordable homes for working families, this development supports local job growth, stimulates neighborhood revitalization, and contributes to the long-term economic vitality of the Mira Costa community.”
Each apartment at El Camino Real is purposely designed with modern, energy-efficient features that promote both comfort and convenience. Kitchens come fully equipped with a refrigerator, range, microwave, dishwasher, and garbage disposal. To further enhance everyday living, units also feature wall-mounted air conditioning, durable vinyl flooring, window blinds, and ceiling fans, creating a welcoming and functional space.
El Camino Real offers a range of thoughtfully planned community amenities to support a safe, welcoming, and family-friendly environment. The development includes an on-site management office and a conveniently located laundry facility on the first floor of the building. At the heart of the community, a central courtyard and playground will provide shared outdoor space for relaxation and recreation. To enhance resident safety, the building will feature security measures such as controlled-access entry and well-lit common areas. Elevator access and on-site parking will also be available for added convenience.
“El Camino Real exemplifies our commitment to creating quality housing that serves as a launchpad for families to thrive and prosper,” said Kursat Misirlioglu, founder of MirKa Investments. “We’re honored to partner with WNC, KeyBank and others to contribute to Oceanside’s growth by providing homes where working families can build stability and brighter futures in this vibrant community.”
The $60.7 million development is being financed through a combination of 4% Low-Income Housing Tax Credits (LIHTC) and tax-exempt bonds, with hard costs totaling $273,601 per unit. WNC will contribute $16.8 million in federal tax credit equity. KeyBank is serving as both the construction and permanent lender, providing a $48 million construction loan that will convert to a $27 million permanent loan. Monarch Private Capital is the state tax credit investor, contributing $12.9 million in equity.
The project will break ground immediately and construction is expected to be completed in 2027.
About WNC & Associates
Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors.To learn more, visit: https://www.wncinc.com/.
About MirKa Investments, LLC
MirKa Investments, LLC (MirKa) is a California-based affordable housing developer founded by Kursat Misirlioglu in 2018. The company partners with nonprofit, for-profit, and government entities to create innovative and sustainable housing for families, veterans, seniors, people who are formerly homeless, individuals with developmental disabilities, and other underserved and diverse populations. Kursat Misirlioglu has 20 years of experience in overseeing the acquisition, predevelopment, development, construction, and operation of a multitude of low-income affordable housing projects, including but not limited to 4% or 9% tax credit, large-family, senior, and special needs. Mr. Misirlioglu has comprehensive mastery in all applicable low-income housing funding programs, including, but not limited to: state and federal programs, MHP, AHSC, VHHP, AHP, USDA 514, NPLH, IHTF, and IIG. MirKa has previously syndicated its developments with Hunt Capital Partners. To date, MirKa has closed 17 projects with an additional 12 currently in development. Combined, these represent 2,753+ affordable housing units where diverse families and individuals can establish roots, build equity, and contribute to vibrant, inclusive communities across the State of California. To learn more, visit: https://www.mirkainvest.com/.
About Mission Neighborhood Centers, LLC
Mission Neighborhood Centers, Inc. (MNC) is a San Francisco based non-profit organization whose vision to alleviate poverty in urban areas through cultural programs and education. MNC believes that change starts with empowering families to achieve housing stability and to build strong, healthy, and vibrant neighborhoods. MNC’s approach to providing sustainable communities involves partnering with proven and experienced developers for the development of affordable housing, raising financing to complete projects, and co-locating MNC’s community services at affordable housing complexes. This is also the case for the Project, where MNC will serve as the service provider.
MNC’s services include comprehensive range of early educational programs, youth and family services, workforce development, homelessness prevention, healthy aging and disability services, and more. MNC serves over 45,000 low-income seniors, youth and families with young children at 16 sites throughout San Francisco. In the last five years, MNC has provided $20M in rental assistance to 230,000 children, youth, seniors, and families through enriching opportunities.
While MNC has served affordable housing communities and its residents for more than 100 years, MNC has also partnered with MirKa as MGP on another development that is currently under construction.
MEDIA CONTACT:
IDEA HALL
Andy Vernier
Andy@ideahall.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c2fac7ba-5d87-4c8a-b8ef-e0f8c9f76251
