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299 Carmel Avenue
FINANCED

Interstate Equities Corp. & Clarion Partners Recapitalize Gates At Marina Apartments In Marina

299 Carmel Avenue

MultiFamily
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Summary

Loan
CALIFORNIA
MultiFamily

The Gates at Marina Apartments in Marina, Calif., a multifamily property with 136 units, was recently valued at $45 million following a recapitalization. This strategic move came after Interstate Equities Corp. acquired the property in 2021 for $39.3 million. The complex offers one-, two-, and three-bedroom units, positioning it for further growth and investment in the Marina market.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $45,000,000
  • Address: 299 Carmel Avenue
  • Market: Marina
  • Landlord: Marshall Boyd - Interstate Equities Corp.; David Gilbert - Clarion Partners
  • Broker: Berkadia

Interstate Equities Corp. completed the recapitalization of the Gates at Marina Apartments, with Clarion Partners now the majority owner and Interstate retaining a minority equity position. Berkadia played a key role in facilitating the fresh debt for the recapitalization, solidifying the property's position for future investment opportunities.

Details

Deal Summary
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FINANCED
IMAGE: 04/19/2024 ADDRESS: 299 Carmel Avenue MARKET: Marina ASSET TYPE: Multifamily ~ UNITS: 136 LANDLORD: Marshall Boyd - Interstate Equities Corp.; David Gilbert - Clarion Partners BROKER: Berkadia LOAN AMOUNT: $45,000,000 LOAN TYPE: Recapitalization NOTE: Interstate Equities Corp. has completed a recapitalization of the Gates at Marina Apartments in Marina, Calif., valuing the property at $45 million, with Clarion Partners becoming the majority owner and Interstate holding a minority equity position. Berkadia facilitated fresh debt for the recapitalization, marking a strategic move after Interstate's acquisition of the property in 2021 for $39.3 million, positioning the 136-unit complex, featuring one-, two-, and three-bedroom units, for continued growth and investment in the Marina market.

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Address299 Carmel Avenue

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