CBRE has successfully secured $99.4 million in financing for the development of Ion Aero, a 302-unit mid-rise multifamily community located at 8555 Aero Dr. in the Kearny Mesa submarket of San Diego. The three-year term, 75% loan-to-cost construction loan was obtained by Bill Chiles, Scott Peterson and Morgon Fraser from CBRE Capital Markets’ Debt and Structured Finance team in San Diego on behalf of AAA Management, a real estate development firm based in San Diego.
According to Peterson, securing financing for new construction projects is particularly challenging given the current economic climate. However, through close collaboration with AAA Management, CBRE was able to secure an optimal debt and equity package to bring this project to fruition.
This recent achievement by CBRE further solidifies their expertise and success within the market as they continue to provide top-notch financial solutions for their clients’ real estate ventures.
