MMCC Arranges $64.4M in Financing for Multifamily Development in Monrovia, California
MONROVIA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged $64.4 million in financing for a multifamily development located at 127 W. Pomona in Monrovia. The borrower was not disclosed.
Sharone Sabar and Stefen Chraghchian of MMCC arranged the financing, which features a 42-month term, a 65 percent loan-to-cost ratio and an interest rate of 3.4 percent.
Situated on 1.8 acres, the fully entitled and construction-ready property is slated for a 33-month development timeline. The 252,100-square-foot community will feature 220 apartments, 7,050 square feet of commercial space and 357 parking spots.