Newmark, on behalf of InterPark Holdings, has placed a $565 million, five-year loan secured by a portfolio of 26 cross-collateralized parking facilities 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. The loan was placed with Apollo Global Management on behalf of the company’s externally managed mortgage REIT, Apollo Commercial Real Estate Finance Inc. and Apollo’s insurance platform.
Founded in 1997, InterPark has become one of the largest owners, operators and developers of private parking facilities in the United States. The company currently owns 58 properties across the United States and operates more than 100 facilities in various central business district locations as well as off-airport sites.
Apollo’s commercial real estate debt platform, led globally by Scott Weiner, had $30 billion of assets under management as of March 31 of this year and has invested in more than $46 billion of commercial real estate debt investments since the platform’s inception in 2009.
