Institutional Property Advisors (IPA), a division of Marcus & Millichap, specializing in capital markets services for major private and institutional clients, announced it has arranged $76 million in construction financing for The Monroe, a Class A mixed-use multifamily and retail development at 127 West Pomona Avenue in Monrovia, California.
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 residential apartments and approximately 7,050 square feet of ground floor commercial space. Apartments will range from studios to three-bedroom units, and 25 of the units will be designated affordable for very low- and moderate-income households. The property will have 302 residential parking spaces and 85 public parking spaces. Additional amenities will include a gym, swimming pool, spa, clubhouse, barbecue area, rooftop patio and conference/meeting rooms.
“This project will deliver quality housing and retail in a fast-growing rental market, addressing demand while enhancing needed neighborhood amenities,” added Chraghchian.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
