Monrovia Mixed-Use Development Secures $76M Construction Loan
IPA Capital Markets, a division of Marcus & Millichap, arranged $76 million in construction financing for The Monroe, a Class A mixed-use multifamily and retail development at 127 W. Pomona Ave. in Monrovia. The transit-oriented project is under construction and scheduled for completion in September.
Stefen Chraghchian, senior director in IPA Capital Markets’ Encino office, secured the financing with Affinius Capital on behalf of Adept Urban Development. “We worked diligently to provide our client with competitive and flexible loan terms supporting a streamlined construction completion and lease-up process for The Monroe,” said Chraghchian. “This included increased funding for lease-up soft costs, a spread decrease upon achieving 25% occupancy, and an earnout advance at stabilization.”
The Monroe will feature 232 rental apartments and approximately 7,050 square feet of ground-floor commercial space. Apartments will range from studios to three-bedroom units, and 25 units will be designated affordable for very low- and moderate-income households.
Rendering courtesy of AO.
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