CBRE Secures $78.5M Loan For Ion Clairemont Development In San Diego
8333 Clairemont Mesa Boulevard
$78,500,000
Building Size
—
Asset Type
Development Site
Closing
May 6, 2024
AI
The development site located at 8333 Clairemont Mesa Boulevard in San Diego was the subject of a $78.5 million construction loan secured by CBRE's Debt and Structured Finance team. The loan was provided for the development of Ion Clairemont, a 251-unit multifamily community in San Diego's Kearny Mesa submarket.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $78,500,000
- Landlord: Augusto Abraham Arriaga - AAA Management
- Brokers: Morgon Fraser, Scott Peterson & William Chiles - CBRE
- Loan Type: Construction Loan
- Loan Terms: Three-year
CBRE's Debt and Structured Finance team in San Diego, led by Bill Chiles, Scott Peterson, and Morgon Fraser, successfully arranged the construction financing for the Ion Clairemont project. This marks the team's second successful financing for AAA Management within six months, following their previous funding for the construction of Ion Aero in the same area.
Players
San Diego Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93