InterPark Holdings (InterPark) has secured $565 million, five-year loan for 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 on behalf of InterPark.
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.
InterPark Holdings 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.
“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.