Affinius Provides $76M Refi for L.A. Metro Apartments

Adept Urban Development has landed a $76 million loan to refinance a newly-completed multifamily asset in Southern California, Commercial Observer has learned.

Affinius Capital supplied the loan for the developer’s 232-unit The Monroe property in  Monrovia, Calif. located within Station Square Transit Village. The apartment complex, set to be delivered soon, also includes 6,000 square feet of retail space. 

“The Monroe represents a premier residential development thoughtfully designed to foster an integrated residential community environment,” Eric Cohen, managing director at Affinius Capital, said in a statement. “Strategically positioned in Monrovia, the property offers exceptional connectivity with direct access to the I-210 freeway and public transit options, seamlessly linking residents to major employment hubs throughout the Los Angeles metropolitan area.”

Marcus & Millichap’s Institutional Property Advisors division arranged the transaction with a team led by Stefen Chraghchian.

“We worked diligently to provide our client with competitive and flexible loan terms supporting a streamlined construction completion and lease-up process for The Monroe,” Chraghchian said in a statement.  “This included increased funding for lease-up related soft costs, a spread decrease upon achieving 25 percwnt occupancy and an earnout advance upon stabilization.”

Located at 127 West Pomona Avenue, roughly 20 miles from Downtown Los Angeles, The Monroe consists of 55 studios, 122 one-bedroom apartments and 52 two-bedroom units. Community amenities include an outdoor swimming pool, cabanas, fitness center and barbeque stations.

Officials at Adept Urban Development did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com