InterPark Holdings Secures $565M Loan for Portfolio
The company secured the five-year loan with Apollo Global Management for 26 parking facilities located in nine cities.
CHICAGO, IL – InterPark Holdings has secured $565 million loan for a portfolio of 26 cross-collateralized parking facilities located across nine states.
The five-year loan was placed with Apollo Global Management on behalf of its insurance platform and its externally managed mortgage REIT, Apollo Commercial Real Estate Finance Inc.
The 26 properties are located in nine cities, including Chicago, Philadelphia, St. Louis and Boston.
InterPark Holdings currently owns 58 properties and operates more than 100 private parking facilities throughout the US. The company continues to invest in technology within its facilities to streamline operations and increase contactless payments.
On behalf of InterPark Holdings, Newmark’s debt and structured finance group’s executive managing director, Joel Simmons arranged the financing.
“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,” says 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,” says Marshall Peck, CEO of InterPark.