The development site located at 8555 Aero Drive in San Diego has secured $99.4 million in financing for the construction of the 302-unit Ion Aero project. Bank OZK is providing $65.4 million in debt while Pacific Urban is contributing $34 million in preferred equity. The construction of this mid-rise multifamily community is expected to commence by the end of the year and will offer a variety of apartment types and amenities.

Summary of transaction details

• Property Type: Development Site
• Loan Amount: $99,400,000
• Loan Type: Construction Loan
• Loan Terms: 3 years
• Lender: Bank OZK & Pacific Urban
• Landlord: AAA Management - Augusto Arriaga Abraham
• Brokers: Bill Chiles, Scott Peterson & Morgon Fraser - CBRE
• Market: San Diego

AAA Management, represented by Augusto Arriaga Abraham, secured $99.4 million in financing for the Ion Aero project. The loan is provided by Bank OZK and Pacific Urban, with Bill Chiles, Scott Peterson, and Morgon Fraser from CBRE acting as the brokers in the deal.