Updated Jul 9, 2025
Kursat Misirlioglu Of Mirka Investments Secures $47M Construction Loan From KeyBank CDLI In Oceanside
2136 South El Camino Real
$47,000,000
Units
111
Asset Type
Development Site
Closing
Jul 8, 2025
About this deal
AI
The asset involved is a development site located at 2136 South El Camino Real in Oceanside. The project will consist of 111 units designated for affordable housing. The loan for this construction project totals $47 million, facilitated by KeyBank CDLI. This financing is a vital component for the upcoming development effort in the area.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $47,000,000
- Lender: Hector Zuniga & Matthew Haas - KeyBank CDLI
- Landlord: Kursat Misirlioglu - Mirka Investments
- Additional Financing: $27.8 million permanent loan placement from CMFA, Monarch Private Capital, and WNC
KeyBank's Matthew Haas and Hector Zuniga structured the financing deal. Mirka Investments, represented by Kursat Misirlioglu, is securing the necessary funds to develop the site, making it a significant investment for their portfolio in Oceanside.
On the Map
$47,000,000
Development Site
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Players
Oceanside Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.34%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93