California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
IEC Recapitalizes Napa Apartments with PGIM Real Estate
Interstate Equities Corporation (IEC) completed a $45-million recapitalization of Napa Green Apartments, a 166-unit multifamily garden-style community located at 2052 Wilkins Ave. in Napa. The completed deal provides a co-mingled investment strategy advised by PGIM Real Estate with a majority stake in the property, while IEC retained a minority equity position in the capital stack. Executive directors Jeanne Ho and Erin Troupe with JPMorgan brokered the transaction.
Brendan Gibney, director of investments at IEC, said, “This new partnership with PGIM Real Estate is mutually advantageous for all parties, including Napa Green residents. By restructuring the equity positions at an opportune moment, we were able to free up cash-flow for new opportunities while still maintaining a secure position in the stack to generate future ROIs.
“Additionally, we continue overseeing onsite management services, so residents can benefit from high-quality resources and amenities seamlessly after the stack restructuring,” he continued.
- ◦Financing
