IEC, a real estate corporation, recently completed a $45-million recapitalization of Napa Green Apartments. This garden-style community consists of 166 units and is located at 2052 Wilkins Ave in Napa. The deal was brokered by JPMorgan’s executive directors Jeanne Ho and Erin Troupe, with the investment strategy advised by PGIM Real Estate.
Under this new partnership with PGIM Real Estate, IEC has retained a minority equity position in the capital stack while allowing for majority ownership to be held by the co-mingled investment strategy. According to Brendan Gibney, director of investments at IEC: “This partnership benefits all parties involved including our residents at Napa Green Apartments.” By restructuring their equity positions during an opportune time period, they were able to generate cash-flow for future opportunities while still maintaining security in their position within the capital stack.
Furthermore,”we will continue providing onsite management services so that residents can enjoy high-quality resources and amenities without any disruptions after the restructuring,” added Gibney. This successful recapitalization marks another milestone for IEC as they strive towards creating mutually beneficial partnerships and enhancing resident experiences within their properties.
