CBRE Arranges $79M Financing for Kearny Mesa Multifamily Build Ion Clairemont in San Diego

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Ion Clairemont
The project contains a mix of studio, one-, two- and three-bedroom floorplans, each averaging 806 sf in size.

CBRE secured $78.5 million in construction financing for developing Ion Clairemont, a 251-unit mid-rise multifamily community located at 8333 Clairmont Mesa Boulevard in San Diego’s Kearny Mesa submarket.

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 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.

CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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.

AAA Management is a fast-growing multifamily real estate development group — with a passion for quality and an eye for detail. We apply our creativity to build living environments characterized by refinement and comfort. Since 2007, they have built a widely diversified portfolio of assets across California and Washington State, and we aim to expand to other regions soon.