Nov 5, 2022 12:00:00 AM

Mirka Investments

What they do

Mirka Investments is a San Diego-based affordable housing developer founded by Kursat Misirlioglu in 2018. With its partners, Mirka develops and manages affordable high-quality, multifamily rental housing. Mirka Investments’ developments serve financially struggling families, veterans, seniors, people who are formerly homeless, individuals with developmental disabilities, and other underserved and diverse populations. To date, Mirka has completed seven projects and built over 415 affordable units.

Why we invested

Growing development firms often face capital gaps to cover fees, professional services, and pre-development costs often not covered by their construction or permanent financing. Mirka Investments has been able to access senior investment capital but is hampered by a gap in flexible working capital. Due to rising construction costs, Mirka Investments was facing a funding gap for their Vista Lane Family development, a 167-unit new construction in San Ysidro. Capital from the Advance Strategy will act as working capital for Mirka Investments to support Vista Lane Family and other housing developments in their pipeline.