Newmark, on behalf of InterPark Holdings, announced the placement of a $565 million, five-year loan secured by a portfolio of 26 cross-collateralized parking facilities located in nine U.S. cities, including Chicago, Philadelphia, St. Louis and Boston.
Executive Managing Director Joel Simmons of Newmark’s Debt and Structured Finance Group arranged the financing.
The loan was placed with Apollo Global Management (Apollo) on behalf of the company’s externally managed mortgage REIT, Apollo Commercial Real Estate Finance Inc., and Apollo’s insurance platform.
“These parking assets, affected by COVID-19 stay-at-home orders, have realized swift and significant recovery, based on driving preference, location and a diverse set of demand generators,” said Simmons.
“InterPark’s quality portfolio of parking properties, customer-friendly touchless access and payment mobility systems position the company well for a robust recovery from the effects of the pandemic,” added Marshall Peck, CEO of InterPark.
Founded in 1997, InterPark has evolved to become one of the largest owners, operators and developers of private parking facilities in the United States. The company currently owns 58 properties across the United States and operates over 100 facilities in various central business district locations as well as off-airport sites. InterPark has continued to invest and expand in the latest technology to streamline its operations and increase contactless payments, which has become popular throughout the pandemic.
Apollo’s commercial real estate debt platform, led globally by Scott Weiner, had $30 billion of assets under management as of March 31, 2021 and has invested in over $46 billion of commercial real estate debt investments since the platform’s inception in 2009.