Monrovia, California, August 12, 2025
News Summary
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 Secures $76 Million Financing for The Monroe Mixed-Use Development in Monrovia, California
IPA Capital Markets, a branch of Marcus & Millichap, has successfully arranged a significant financing deal of $76 million for the construction of The Monroe, an ambitious mixed-use development located in Monrovia, California. This financing will support the ongoing construction of the project, which is aiming for completion in September 2025.
The Monroe, situated at 127 West Pomona Ave, will feature a contemporary design consisting of 232 residential apartments. These units will cater to a range of residents, with options from studio apartments to larger three-bedroom layouts. Of these, 25 apartments will be designated as affordable housing, specifically tailored for very low- and moderate-income households.
This construction project is being developed with a focus on transit-oriented living, encouraging residents to utilize public transportation and reducing reliance on personal vehicles. In support of its residential offerings, The Monroe will also include approximately 7,050 square feet of ground-floor commercial space, providing opportunities for shopping and dining close to home.
In terms of amenities, residents of The Monroe can expect a variety of attractive features including a gym, swimming pool, spa, and a clubhouse. For social gatherings, there will be a barbecue area and a rooftop patio offering scenic views. Additionally, the development will have conference and meeting rooms available for both residents and tenants.
The financing terms secured by IPA Capital Markets are notably competitive and flexible, tailored to ensure successful construction and leasing phases. Specific terms include increased funding available for leasing soft costs, a decrease in the loan spread upon reaching 25% occupancy, and a potential earnout advance once the property stabilizes.
IPA Capital Markets specializes in providing capital market services to institutional investors and private clients. Marcus & Millichap, the parent company, is recognized as a leader in commercial real estate investment sales, financing, and advisory services, having concluded 7,836 transactions with a total sales volume of approximately $49.6 billion in the previous year. The firm boasts over 1,700 professionals across more than 80 offices in North America, equipped with vast expertise in real estate markets.
The Monroe sets out to uniquely blend residential and retail spaces in a transit-friendly area, addressing the growing demand for mixed-use developments that enhance urban living experiences.
Key Features of The Monroe
- Location: 127 West Pomona Ave, Monrovia, California
- Financing: $76 million secured by IPA Capital Markets
- Completion Date: September 2025
- Residential Units: 232 apartments (studio to three-bedroom)
- Affordable Units: 25 designated for very low- and moderate-income households
- Commercial Space: Approximately 7,050 square feet
- Parks and Amenities: Gym, swimming pool, spa, clubhouse, rooftop patio, and more
- Parking: 302 residential spaces and 85 public parking spaces
FAQ Section
What is The Monroe development?
The Monroe is a mixed-use development project located in Monrovia, California, that includes residential apartments and commercial retail space.
How many residential units will be available in The Monroe?
The Monroe will feature a total of 232 residential apartments, catering to diverse living needs.
When is The Monroe expected to be completed?
The project is scheduled to be completed in September 2025.
Are there any affordable housing options included in The Monroe?
Yes, out of the 232 units, 25 will be designated as affordable housing for very low- and moderate-income households.
What amenities will be offered at The Monroe?
Residents can expect a variety of amenities including a gym, swimming pool, spa, clubhouse, and rooftop patio.
Who secured the financing for The Monroe?
The financing was secured by Stefen Chraghchian of IPA Capital Markets in partnership with Affinius Capital on behalf of Adept Urban Development.