The Monroe development will include residential apartments and commercial spaces.
Monrovia, California, August 12, 2025
IPA Capital Markets has secured a $76 million financing package for The Monroe, a mixed-use development in Monrovia, California. The project includes 232 residential apartments and retail space, aimed at enhancing urban living. Set to be completed by September 2025, this large-scale development emphasizes affordability with 25 designated units for low and moderate-income households. It boasts ample parking and various amenities to enrich community life.
IPA Capital Markets, a vital division of Marcus & Millichap, has successfully arranged a substantial financing deal amounting to $76 million for The Monroe, an upcoming mixed-use development located at 127 West Pomona Ave. in Monrovia, California. This ambitious project, which is currently under construction, aims to combine both multifamily living and retail spaces while adhering to a transit-oriented design.
Scheduled for completion in September 2025, The Monroe is set to feature a total of 232 residential apartments, catering to a variety of lifestyles with units ranging from cozy studios to spacious three-bedroom offerings. Notably, 25 units will be designated as affordable housing, specifically aimed at accommodating very low- and moderate-income households.
The development will also include approximately 7,050 square feet of ground floor commercial space, enhancing the urban landscape while providing local businesses with the opportunity to thrive. With a total of 302 residential parking spaces and 85 public parking spaces, The Monroe is geared to offer convenience for both residents and visitors alike.
Enhancing the living experience, the project boasts a variety of amenities that residents can enjoy, such as a well-equipped gym, a refreshing swimming pool, relaxing spa facilities, a clubhouse, a barbecue area, and a rooftop patio perfect for gatherings. The addition of conference and meeting rooms also makes it easier for residents to work from home or hold events.
The financing arrangement is not only notable for its size but also for offering competitive and flexible loan terms. These terms are designed to facilitate the construction process and the eventual leasing of the units. Specific financial arrangements include increased support for lease-up soft costs, a decrease in the spread upon reaching 25% occupancy, and an earnout advance once the development stabilizes.
Stefen Chraghchian, a senior director at IPA Capital Markets’ Encino office, played a crucial role in securing this financing in collaboration with Adept Urban Development and Affinius Capital. This partnership signifies a robust investment into the community and aligns with IPA Capital Markets’ broader vision to support significant projects across the industry.
Marcus & Millichap has established itself as a leader in commercial real estate investment sales, financing, research, and advisory services. In 2024, the firm impressively closed 7,836 transactions, achieving a total sales volume of approximately $49.6 billion. With over 1,700 professionals operating from more than 80 offices throughout the United States and Canada, Marcus & Millichap continues to be a formidable force within the capital markets.
The Monroe’s mixed-use development promises to significantly enhance Monrovia’s community by providing housing options alongside commercial space. As the project moves forward towards its completion date in 2025, the financing secured reflects confidence in the area’s potential for growth and development. This initiative exemplifies how strategic partnerships and thoughtful planning can contribute to sustainable urban development.
The Monroe is a mixed-use development consisting of residential apartments and commercial spaces located in Monrovia, California.
The development will include a total of 232 residential apartments, ranging from studio units to three-bedroom apartments.
The project is scheduled for completion in September 2025.
Residents can look forward to amenities such as a gym, swimming pool, spa, clubhouse, rooftop patio, and conference rooms.
IPA Capital Markets arranged $76 million in construction financing with competitive and flexible loan terms to support the project.
| Feature | Description |
|---|---|
| Location | 127 West Pomona Ave, Monrovia, California |
| Total Financing | $76 million |
| Residential Units | 232 apartments (studios to three-bedroom) |
| Affordable Units | 25 units for very low- and moderate-income households |
| Commercial Space | Approximately 7,050 square feet |
| Parking Spaces | 302 residential and 85 public parking spaces |
| Amenities | Gym, pool, spa, clubhouse, rooftop patio, and meeting rooms |
| Completion Date | September 2025 |
South Lake Tahoe and Salt Lake City, August 13, 2025 News Summary Major moves are unfolding…
Morris, Illinois, August 13, 2025 News Summary District leaders unveiled a financing roadmap to fund a…
1506 Van Ness Ave, August 13, 2025 News Summary City leaders propose a 36-month market-rate bridge…
First Hill, Seattle, August 13, 2025 News Summary A private K–5 school has applied for a…
Hamburg, August 13, 2025 News Summary Plancraft, a Hamburg-based construction software startup, closed a €38 million…
Alabama, August 13, 2025 News Summary Birmingham-based construction and program management firm HPM has partnered with…