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8555 Aero Drive
FINANCED

AAA Management Secures $99.4M Construction Loan For Ion Aero Project In San Diego

8555 Aero Drive

Development Site
clock iconFinanced 229 days ago
Morgon Fraser
William (Bill) Chiles
Scott Peterson
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Summary

Loan
CALIFORNIA
Development Site

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.

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Morgon Fraser's profile picture
Morgon Fraser
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Senior Production Analyst
$41M Sold

Details

Deal Summary
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FINANCED
IMAGE: Morgon Fraser, Scott Peterson, Bill Chiles & Augusto Arriaga Abraham DATE: 10/05/2023 ADDRESS: 8555 Aero Drive MARKET: San Diego ASSET TYPE: Development Site LENDER: Bank OZK (@BankOZK) & Pacific Urban LANDLORD: AAA Management - Augusto Arriaga Abraham BROKERS: Bill Chiles, Scott Peterson & Morgon Fraser (@MorgonJoan) - CBRE (@CBRE) LOAN AMOUNT: $99,400,000 LOAN TYPE: Construction Loan LOAN TERMS: 3 year NOTE: AAA Management secured $99.4 million in financing, with Bank OZK providing $65.4 million in debt and Pacific Urban contributing $34 million in preferred equity for the construction of the 302-unit Ion Aero project in San Diego. The mid-rise multifamily community is set to begin construction by year-end and will offer various apartment types and amenities.

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