Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $64.39 million in financing for a 252,100 square foot multifamily property located at 127 West Pomona in Monrovia, California. The financing was secured by Sharone Sabar, executive managing director, and Stefen Chraghchian, associate director, based in Encino, California.
“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.”
The 42-month loan has an LTC of 65 percent and an interest rate of 3.4 percent. The property sits on a 1.83-acre site and is fully entitled and construction ready. The anticipated construction timeline is 33 months and the property will include a 220-unit residential apartment with 7,050 rentable square feet of commercial space and 357 parking stalls. The project is located within the city of Monrovia’s transit district with close proximity to Pasadena and Los Angeles.