MMCC Lines Up $64M Financing for Monrovia Apartment Project
Marcus & Millichap Capital Corporation (MMCC) arranged $64.39 million in financing for a 252,100- square-foot multifamily property at 127 W. Pomona in Monrovia. The financing was secured by executive managing director Sharone Sabar and associate director Stefen Chraghchian, both based in MMCC’s Encino office.
The 42-month loan has an LTC of 65% and an interest rate of 3.4% The property sits on a 1.83-acre site and is fully entitled and construction ready. The project will include a 220-unit residential apartment with 7,050 rentable square feet of commercial space and 357 parking stalls. It’s located within the city of Monrovia’s transit district in proximity to Pasadena and Los Angeles.
“It was a privilege to arrange this loan for our client,” said Chraghchian. “We were able to work with our lender through inflationary pressures to increase loan proceeds and offer non-recourse financing at a rate that was very appealing to our client.”
- ◦Financing
