Marcus & Millichap Secures $64.4M Loan For Monrovia Multifamily Development
FINANCED
$64,400,000
California
See Similar DealsMultiFamily
FINANCED
Marcus & Millichap Secures $64.4M Loan For Monrovia Multifamily Development
127 W Pomona Ave, Monrovia, CA, 91...
See Similar DealsMultiFamily
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$64,400,000.00
Monthly NOI$429,333.33
Monthly Debt Service$407,051.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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