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May 18, 2024
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AAA Management Lands $78 Mil in Construction Money for 251-Unit San Diego Res Development


San Diego-based AAA Management has obtained $78.5 mil in construction financing for Ion Clairemont, a 251-unit, mid-rise multifamily development in San Diego’s Kearny Mesa area. The project, located at 8333 Clairemont Mesa Blvd, contains a mix of studio, one-, two- and three-bedroom floorplans, each averaging 806 sf in size.

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.

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 development.

This is the second time Chiles, Peterson and Fraser have secured financing for this owner in the last six months. Last October, the trio sourced $99.5 mil in construction financing and equity to build the 302-unit Ion Aero, which is also in the Kearny Mesa submarket.

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