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’s Kearny Mesa submarket.
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 senior construction loan and mezzanine loan for 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 Chiles.
This is the second financing that Chiles, Peterson and Fraser have secured for the owner in the past six months. Last October, the team sourced $99.5 million in construction financing and equity to build the 302-unit Ion Aero, also in Kearny Mesa.
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