San Diego Community Secures $120M Refi
Greystar manages the property, which came online earlier this year.
AAA Management has secured a $120 million refinancing loan for Elowen, a 302-unit multifamily community located at 8555 Aero Drive in San Diego. Affinius Capital provided the loan in a deal arranged by JLL.
The Class A community came online earlier this year after beginning construction in 2024. Formerly known as Ion Aero, the project received $99.4 million in construction loans, including $65.4 million in debt from Bank OZK and $34 million in preferred equity from Pacific Urban in October 2023. Bank OZK’s loan was set to mature in March 2027, according to Yardi Matrix.
Elowen includes 60 studio, 128 one-bedroom, 94 two-bedrooms and 20 three-bedroom apartments. Individual units offer stainless steel appliances and in-unit laundry. Shared amenities include a pool, two courtyards, a yoga studio, a fitness center and a sky lounge. The property is also pet friendly.
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Greystar is the property manager, according to Yardi Matrix. Located in San Diego’s Kearny Mesa neighborhood, Elowen has access to Interstate 805 and Route 163. The property is across from Montgomery-Gibbs Executive Airport while San Diego International Airport is 10 miles away. Downtown San Diego is approximately 8 miles south of the development.
JLL Managing Director Bryan Clark arranged the financing.
San Diego construction slows
Multifamily development in San Diego is in a period of cooling as the city’s construction pipeline slows. Through the first quarter of 2026, the number of units under development declined 24 percent year-over-year to 11,323, according to Kidder Mathews. The report on the metro also shows that vacancy ticked up to 5.4 percent, a 50-basis point increase year-over-year.
While overall construction is down, several notable projects are underway across the larger metro area. For example, Alliance Residential Co. is developing a 432-unit community at 5550 Kearny Mesa Road that’s set to come online in the fourth quarter of this year. The project received a $91 million construction loan in August 2024, according to Yardi Matrix.
Last October, Affinius Capital in partnership with Hines, Bank OZK, Related Fund Management and Heitman broke ground on Riverwalk San Diego’s 721-unit first phase. The project is part of a larger 200-acre mixed-use development in the Mission Valley submarket.
