Affinius Capital Provides $120M Refi for San Diego Luxury Multifamily Complex
AAA Management is the sponsor of the new building that opened in 2026
By Brian Pascus June 8, 2026 10:59 am
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AAA Management has secured a $120 million loan to refinance Elowen, a 302-unit, luxury multifamily complex in San Diego, Calif., Commercial Observer can first report.
Affinius Capital provided the debt, while JLL’s Bryan Clark arranged the transaction.
Perry Katz, executive director at Affinius Capital, noted in a statement that the Kearny Mesa submarket in which Elowen is located has seen consistent renter demand for multifamily assets in recent years, largely due to supply constraints.
“As San Diego’s new supply pipeline begins to taper, well-located properties like this one are positioned to perform,” said Katz.
Located at 8555 Aero Drive in the Kearny Mesa neighborhood of San Diego — a submarket known for its culinary scene and industrial commerce — Elowen stands seven stories tall and opened in 2026. The apartment complex features 60 studios, 128 one-bedrooms, 94 two-bedrooms, and 20 three-bedrooms. Monthly rents range from $2,632 to $6,657, according to the listing on Apartments.com.
On-site amenities include two courtyards, a fitness center, a pool and spa, and a sky lounge with views of the nearby Laguna Mountains.
Brian Pascus can be reached at bpascus@commercialobserver.com.
