Apollo funds $ 565 million loan to auto parking giant
Newmark, on behalf of InterPark Holdings, announced the placement of a five-year, $ 565 million loan secured by a portfolio of 26 cross-guaranteed parking lots 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 organized the financing.
The loan was made to 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 achieved a rapid and significant recovery, depending on driving preferences, location and a diverse set of demand generators,” said Simmons said.
âInterPark’s quality portfolio of car parks, user-friendly contactless access and payment mobility systems positions the company well for a solid recovery from the effects of the pandemic,â added Marshall Peck, CEO of InterPark.
Founded in 1997, InterPark has grown to be one of the largest owners, operators and developers of private parking in the United States. The company currently owns 58 properties across the United States and operates more than 100 facilities in various central business districts as well as at non-airport locations. InterPark has continued to invest and develop in the latest technology to streamline its operations and increase contactless payments, which have become popular throughout the pandemic.
Apollo’s commercial real estate debt platform, led globally by Scott Weiner, had $ 30 billion in assets under management as of March 31, 2021 and has invested in more than $ 46 billion in real estate debt investments commercial since the creation of the platform in 2009.
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