A joint venture between WNC & Associates, MirKa Investments LLC and Mission Neighborhood Centers, Inc. is building El Camino Real, a $60.7 million, 110-unit affordable housing community in the Mira Costa neighborhood of Oceanside, Calif. Construction is underway and expected to be completed in 2027.
The development is being financed through a combination of 4 percent Low-Income Housing Tax Credits and tax-exempt bonds. WNC will contribute $16.8 million in federal tax credit equity. KeyBank is serving as both the construction and permanent lender. It is 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.
Matthew Haas of KeyBank Community Development Lending and Investment’s Western Regional team structured the financing. Hector Zuniga of KeyBank Commercial Mortgage Group arranged the permanent financing.
El Camino Real highlights
When construction finishes, the development will be a four-story building comprising 55 two-bedroom and 55 three-bedroom apartments. They are designated for households earning between 30 percent and 80 percent of the Area Median Income. Eight units will receive project-based Section 8 vouchers.
Kitchens will come fully equipped with energy-efficient appliances including refrigerators, ranges, microwaves, dishwashers and garbage disposal unites. Apartments will also feature wall-mounted air conditioning, vinyl flooring, window blinds and ceiling fans.
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The property will have an on-site leasing office and a community area within a 6,500-square-foot common space. The building will have laundry rooms on each floor. Security measures will include controlled-access entry and well-lit common areas. The property will also have elevator access and on-site parking. Outdoor amenities include a playground and central courtyard.
Supportive services will be provided by MNC, which offers educational programs, workforce development, homelessness prevention and social services.
More Southern California assets
MirKa, a San Diego-based affordable housing developer founded by Kursat Misirlioglu in 2018, partners with nonprofit, for-profit and government entities to create sustainable housing for families, veterans, seniors, the formerly homeless, individuals with development disabilities and other underserved and diverse populations. In June, MirKa and Level 3 Construction, a general contractor specializing in multifamily, affordable housing, mixed-use and hotel projects, announced they had completed South River Village, a 43-unit affordable housing community also in Oceanside. The units are designated for individuals and families with incomes ranging from 30 percent to 80 percent AMI. The four-story building has 20 one-bedroom apartments, 12 two-bedroom apartments and 11 three-bedroom apartments. Fifteen percent of the units are ADA-accessible.
Level 3 and MirKa are also working on a 19-unit affordable housing community adjacent to La Costa Town Square in Carlsbad. Construction has started and the project is slated for completion in 12 months.
WNC’s affordable projects
This month, WNC and the Portland Housing Authority announced they will redevelop, rehabilitate and expand Riverton Park in a $117.1 million project. The project will add 182 affordable housing units to the community, located in Portland, Maine upon completion in 2027.
The capital stack combined various local, state and federal affordable funds, including construction and permanent mortgage from Maine State Housing Authority. The project also received funding from the City of Portland and Portland Housing Development Corp., in addition to 4 percent federal LIHTC.
In June, WNC teamed up with Commonwealth Development Corporation of America to break ground on The Collective on 13th, a $12 million, 40-unit affordable housing community in Charles City, Iowa. The project is expected to deliver in 2026.
The development is being financed through a construction and permanent loan from Legacy Bank, debt from the Iowa Finance Authority and LIHTC equity from WNC. The Collective on 13th will be the 25th affordable housing property developed by Commonwealth that WNC has syndicated.
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