The construction financing will help built the 251-unit community in the Kearny Mesa submarket.
SAN DIEGO – May 6, 2024 – CBRE secured $78.5 million in construction financing for developing Ion Clairemont, a 251-unit mid-rise multifamily community located at 8333 Clairmont Mesa Blvd., 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, 71% loan-to-cost (LTC) senior construction loan and mezzanine loan for the San Diego-based real estate development firm AAA Management.
“While new construction is challenging to finance in the current economic environment, we worked diligently to provide AAA Management with the best senior and mezzanine solution to ensure profitability,” said Mr. Chiles, vice chairman at CBRE.
The community features a mix of studio, one-, two- and three-bedroom floorplans, each averaging 806 sq. ft. The property will feature midcentury colors that are sophisticated and rich with pops of color. Some amenities include an outdoor fitness center and yoga studio, a club room with a lounge area, a resort-style pool and spa, a rooftop deck with lounge areas, fire lounges, a dog run and an outdoor entertaining space.
This is the second time Mr. Chiles, Mr. Peterson, and Ms. Fraser have secured financing for the owner in the last six months. Last October, the team sourced $99.5 million in construction financing and equity to build the 302-unit Ion Aero, which is also in the Kearny Mesa submarket.
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 2023 revenue). The company has more than 130,000 employees (including 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. Please visit our website at www.cbre.com.
