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 arranged a significant funding package of $76 million for the construction of The Monroe, a new mixed-use development that combines residential and retail spaces in Monrovia, California. This class A project is being touted as a major development in the area, designed to enhance urban living through its transit-oriented features.
The Monroe is strategically located at 127 West Pomona Ave., making it an ideal spot for those looking for convenience in transportation and accessibility. Currently, the development is under construction and is expected to be completed by September 2025.
Stefen Chraghchian, a senior director in IPA Capital Markets’ Encino office, played a crucial role in securing this financing through a partnership with Affinius Capital, working on behalf of Adept Urban Development. The financing package comes with competitive and flexible loan terms which are designed to assist in completing construction and facilitating the leasing process.
The financial terms include provisions for increased funding to cover soft costs associated with leasing, a reduced spread if the project reaches 25% occupancy, and an earnout advance upon stabilization. These features are intended to aid in the smooth launch of The Monroe once construction is completed.
The development will contain 232 residential apartments that will range in size from studio units to three-bedroom options. A significant aspect of The Monroe is its commitment to affordability; 25 of the residential units will be designated as affordable housing for very low- and moderate-income households, addressing the pressing need for affordable housing in the region.
In addition to residential spaces, The Monroe will also feature approximately 7,050 square feet of commercial space on the ground floor. This retail component is expected to foster a lively community atmosphere and provide residents with convenient shopping options.
Parking facilities will be robust, with 302 residential parking spaces and an additional 85 public parking spaces. This will cater to both residents and visitors, ensuring that parking issues are minimized. Other amenities will contribute to a high-quality living experience, including a gym, swimming pool, spa, clubhouse, barbecue area, rooftop patio, and conference/meeting rooms.
IPA Capital Markets is recognized for its expertise in capital markets services, catering to major private and institutional clients. This latest financing reaffirms the company’s position in facilitating high-impact real estate projects. In the realm of commercial real estate, Marcus & Millichap, which oversees IPA Capital Markets, has established itself as a leading brokerage firm with a robust portfolio that includes approximately 7,836 transactions and a sales volume of about $49.6 billion in 2024, supported by over 1,700 professionals across 80 offices.
| Feature | Details |
|---|---|
| Location | 127 West Pomona Ave., Monrovia, CA |
| Total Financing | $76 Million |
| Completion Date | September 2025 |
| Residential Units | 232 (Studio to 3-bedroom) |
| Affordable Housing Units | 25 units |
| Commercial Space | 7,050 sq. ft. |
| Parking Spaces | 302 Residential and 85 Public Spaces |
| Amenities | Gym, Swimming Pool, Spa, Clubhouse, Rooftop Patio, Conference Rooms |
The Monroe is a mixed-use development in Monrovia, California, featuring residential apartments and ground floor retail space.
The development will include a total of 232 residential apartments.
The Monroe is scheduled to be completed by September 2025.
The Monroe will feature amenities such as a gym, swimming pool, spa, clubhouse, rooftop patio, and meeting rooms.
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