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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).