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MONROVIA, CALIF. — Affinius Capital has provided a $76 million loan to Adept Urban Development. An IPA team led by Stefen Chraghchian arranged the financing. The refinancing loan will cover debt on The Monroe, a to-be-delivered, 232-unit development in Monrovia, located about 20 miles northeast of Los Angeles. A construction timeline was not disclosed.
The Monroe will offer 55 studios and 122 one-bedroom, 52 two-bedroom and three three-bedroom floor plans. Amenities will include a pool with cabanas, a fitness center, fireplace, grilling stations and an outdoor lounge area on the fifth-floor deck. The Monroe is located in Station Square Transit Village, a transit-oriented, mixed-use community.