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April 21, 2022

CBRE secures $85M for Shoreline apartments

As the DJC first reported last month, AAA Management of San Diego is planning what it calls Ion, a 252-unit apartment project right next to Shoreline South/148th Station, where light rail service is expected to begin in 2024. Urbal Architecture designed the seven-story project, which GenCap Construction will build. Now CBRE has announced the provision of an $85.5 million construction loan. Public records indicate that Pacific Western Bank was the lender. The CBRE effort was led by Scott Peterson, Morgon Fraser and Bill Chiles. The latter said in a statement, “About 20% of Ion's apartments will be designated as affordable units per the City of Shoreline's multifamily property tax exemption program. The aim of this is to ensure housing in urban centers is available to people with mixed incomes.” The new official address is now 345 N.E. 149th St., just north of the station.




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