CBRE Secures $99.4 Million in Financing for Multifamily Project in San Diego

CBRE secured $99.4 million in construction financing and preferred equity for developing Ion Aero, a 302-unit mid-rise multifamily community located at 8555 Aero Drive in San Diego.

Bill Chiles, Scott Peterson and Morgon Fraser with CBRE Capital Markets' Debt and Structured Finance team in San Diego secured the three-year term, 75% loan-to-cost (LTC) construction loan for the San Diego-based real estate development firm AAA Management.

"Any new construction project is challenging to finance in the current economic environment," said Mr. Peterson, vice chairman at CBRE. "We worked hard with AAA Management to provide the best possible debt and equity package to bring this project to fruition."

The community will provide new Class A housing in the Kearny Mesa submarket of San Diego. The eight-story project will have studio, one-, two- and three-bedroom units ranging from 500 sq. ft. to 1,400 sq. ft. Some of the community amenities will include an indoor-outdoor fitness center and yoga studio, co-working space, a clubroom with indoor and outdoor entertaining space, playground, dog run, pool and spa and a seventh-floor sky lounge.