IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI) 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 Ave. in Monrovia, California. The transit-oriented project is under construction and scheduled for completion in September 2025.

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.

About IPA Capital Markets

IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 7,836 transactions with a sales volume of approximately $49.6 billion in 2024. The company had 1,712 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit www.MarcusMillichap.com.

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“This project will deliver quality housing and retail in a fast-growing rental market, addressing demand while enhancing needed neighborhood amenities."