Newmark Places $565M Loan for Nine-City InterPark Portfolio
Newmark, on behalf of InterPark Holdings, has placed 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. 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.