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 has successfully arranged $76 million in construction financing for a significant mixed-use development known as The Monroe located in Monrovia, California. This project aims to create a vibrant urban space at 127 West Pomona Ave, combining both residential and retail elements.
The Monroe is designed as a Class A multifamily development that focuses on modern living while offering essential retail space. Its prime location makes it a transit-oriented project, providing easy access to public transport facilities for residents and shoppers alike. Construction is currently underway, with an expected completion date set for September 2025.
Stefen Chraghchian, serving as the senior director in IPA Capital Markets’ Encino office, played a critical role in securing this financing. The deal was orchestrated in collaboration with Affinius Capital on behalf of Adept Urban Development, the firm behind The Monroe.
The financing agreement comes with competitive and flexible loan terms that are designed to assist in both the construction completion and the leasing process. Some outlined terms include increased funding for lease-up soft costs, a reduction in the spread upon reaching 25% occupancy, and an earnout advance when the project reaches stabilization.
The residential component of The Monroe will consist of 232 apartments with options ranging from studio to three-bedroom units. Notably, 25 of these units have been designated as affordable housing to cater to very low- and moderate-income families, ensuring that a diverse range of residents can benefit from this new development.
In addition to the living spaces, The Monroe will feature approximately 7,050 square feet of ground floor commercial space, aimed at attracting local businesses and enhancing community engagement. For convenience, the property will also provide 302 residential parking spaces and 85 public parking spaces.
The Monroe aims to offer an array of attractive amenities for residents, including a gym, swimming pool, spa, clubhouse, barbecue area, rooftop patio, and conference/meeting rooms. Such features are expected to create a sense of community and foster an engaging lifestyle for those living there.
IPA Capital Markets is recognized for its expertise in providing capital markets services, serving major private and institutional clients. The parent company, Marcus & Millichap, stands as a leader in the commercial real estate investment sector, closing an impressive 7,836 transactions with a sales volume of about $49.6 billion in 2024. With over 1,700 professionals across more than 80 offices in the U.S. and Canada, the firm continues to solidify its market presence in the real estate realm.
| Features | Details |
|---|---|
| Total Financing | $76 Million |
| Location | 127 West Pomona Ave, Monrovia, CA |
| Residential Units | 232 (Studio to 3-bedroom) |
| Affordable Units | 25 for low- and moderate-income households |
| Commercial Space | Approximately 7,050 sq. ft. |
| Parking Spaces | 302 Residential + 85 Public |
| Planned Amenities | Gym, Swimming Pool, Spa, Clubhouse, Rooftop Patio |
| Completion Date | September 2025 |
The Monroe is a mixed-use development in Monrovia, California, which will include residential apartments and commercial retail spaces.
The Monroe will feature a total of 232 residential apartments in various sizes from studio to three-bedroom units.
Amenities at The Monroe will include a gym, swimming pool, spa, clubhouse, barbecue area, rooftop patio, and conference/meeting rooms.
The expected completion date for The Monroe is September 2025.
Yes, 25 of the residential units will be designated as affordable housing for very low- and moderate-income households.
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