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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
