Berkadia Completes $45 Million Recapitalization and Secures $24.75 Million in Financing for Multifamily Property in Northern California
SAN FRANCISCO, CA – April 22, 2024 – Berkadia announced today the recapitalization and financing secured for The Gates at Marina, a 136-unit multifamily garden-style property located in Marina, California. Senior Managing Director Jason Parr, Managing Director Scott MacDonald, Director John Hansen, Senior Director Kaohu Berg-Hee and Senior Managing Director Brett Betzler of Berkadia completed the recapitalization on behalf of California-based Interstate Equities Corporation. The team also procured the new, majority equity partner, a co-mingled fund advised by New York-based Clarion Partners. The deal closed on April 16.
The successful completion of this transaction showcases the expertise and collaboration of Berkadia’s Northern California Capital Market’s team.
“The coastal Monterey region is one of the best performing and highest barrier-to-entry housing markets in the nation,” said MacDonald. “The Gates at Marina particularly benefits from these exceptional fundamentals by being one the region’s newest and largest multifamily communities. We were excited to advise both the buyer and seller in this transaction – the seller’s outstanding repositioning and management of the property elevated its appeal as a limited risk investment with durable income while still providing significant and immediate upside.”
Director Hank Workman and Managing Director Clay Akiwenzie of Berkadia secured $24.75 million in permanent financing on behalf of the buyer. The five-year loan was financed through Fannie Mae.
“We were thrilled to work with Clarion Partners and Interstate Equities Corporation whose experience and professionalism contributed to a smooth transaction in a choppy environment.” said Workman. “This transaction highlights the exceptional teamwork between our Bay Area Capital Markets team, underscoring our commitment to deliver the best execution for our clients.”
Located at 299 Carmel Ave., The Gates at Marina features one-, two-, and three-bedroom floor plans with balconies or patios, walk-in closets, and dishwashers. Community amenities include laundry facilities and a picnic area. Located only one hour away from Silicon Valley, the property affords residents convenient access to California State University Monterey Bay, Marina State Beach, Monterey, Carmel-By-The-Sea, Pebble Beach Golf Links, and the shops and restaurants along Reservation Road.