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, California. The transit-oriented project is currently under construction and is scheduled for completion this month.
Stefen Chraghchian, Senior Director at IPA Capital Markets’ Encino office, secured the financing through 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 is set to include 232 rental apartments alongside approximately 7,050 square feet of ground-floor commercial space. Residential units will range from studios to three-bedroom apartments, with 25 units designated as affordable housing for very low- and moderate-income households.
(Rendering courtesy of AO)
Industry professionals interested in insights from leading voices in multifamily development are invited to attend Connect Apartments 2025 on September 11. The event will take place in Los Angeles at the Fairmont Century Plaza.
