**Monrovia Mixed-Use Development Secures $76M Construction Loan**
IPA Capital Markets, a division of Marcus & Millichap, has arranged $76 million in construction financing for The Monroe, a Class A mixed-use multifamily and retail development located at 127 W. Pomona Avenue in Monrovia. The transit-oriented project is currently under construction and is expected to be completed this month.
Stefen Chraghchian, senior director in IPA Capital Markets’ Encino office, secured the financing from 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 include 232 rental apartments and approximately 7,050 square feet of ground-floor commercial space. Apartment offerings will range from studio to three-bedroom units, with 25 of the residences designated as affordable units for very low- and moderate-income households.
*Rendering courtesy of AO.*
Join industry leaders for key insights into the multifamily sector at Connect Apartments 2025, set to take place on September 11 in Los Angeles at the Fairmont Century Plaza.
