MARINA, CALIF. — Interstate Equities Corp. (IEC) has finalized the recapitalization of The Gates at Marina, an apartment community in Marina. The deal gives a co-mingled fund advised by New York-based Clarion Partners a majority stake in the property, while IEC retains a minority equity position and will continue its onsite management.
IEC acquired The Gates in January 2021 for $39.3 million, and the recapitalization values it at $45 million.
Located at 299 Carmel Ave., The Gates at Marina offers 136 units in predominantly a mix of two- and three-bedroom units with balconies or patios, plus updated kitchens, bathrooms, flooring and appliances.
Scott MacDonald and Jason Parr of Berkadia led the marketing efforts, while Hank Workman of Berkadia placed the debt.