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Chicago & Midwest  + Downtown  + Finance  | 

Newmark Places $565M Loan for Nine-City InterPark Portfolio

Newmark, on behalf of InterPark Holdings, has placed a $565million, 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. Chicago-based executive managing director Joel Simmons  arranged the financing. 

The loan was placed with Apollo Global Management on behalf of the company’s externally managed mortgage REIT, Apollo Commercial Real Estate Finance, 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.

Founded in 1997, Chicago-based InterPark has become one of the largest owners, operators and developers of private parking facilities in the U.S. The company currently owns 58 properties nationwide and operates more than 100 facilities in various CBDs as well as off-airport sites. 


Inside The Story

Newmark’s Simmons

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).