Marcus & Millichap Secures $64.4M Loan For Monrovia Multifamily Development

The multifamily development located at 127 W. Pomona in Monrovia, California, has secured $64.4 million in financing. The property spans 1.8 acres and is fully entitled and construction-ready. It is set to undergo a 33-month development timeline to create a 252,100-square-foot community comprising 220 apartments, 7,050 square feet of commercial space, and 357 parking spots.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $64,400,000.00
• Market: Monrovia
• Borrower's Rep: Sharone Sabar(Marcus & Millichap), Stefen Chraghchian(Marcus & Millichap)
• Lender: Unknown life insurance company
• Loan Amount: $64,400,000.00

Sharone Sabar and Stefen Chraghchian of Marcus & Millichap Capital Corp. (MMCC) were responsible for arranging the financing for the multifamily development. The loan features a 42-month term, a 65 percent loan-to-cost ratio, and an interest rate of 3.4 percent.