Nearly $80 Million Secured to Develop 251 Units of Housing in Kearny Mesa

Construction financing has been obtained to develop a mid-rise multi-family complex, Ion Convoy, in Kearny Mesa, according to a real estate brokerage.

Bill Chiles, Scott Peterson and Morgon Fraser with CBRE Capital Markets’ Debt and Structured Finance team in San Diego secured the three-year term, $78.5 million senior construction 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 Chiles, vice chairman at CBRE.

The 251 units planned for the project, at 8333 Clairemont Mesa Blvd., include a mix of studio, one-, two- and three-bedroom floor plans that average 806 square feet.

Some amenities set for Ion Convoy 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 Chiles, Peterson and 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 Kearny Mesa.