NKF Capital Markets successfully arranged a $160 million fixed-rate, interest-only supplemental funding for a 26-property portfolio containing cross-collateralized urban and off airport parking assets on behalf of the owner, InterPark Holdings. The funding is to an existing $400 million first mortgage loan.
Executive managing director Joel Simmons of the NKF Capital Markets Chicago office originated the funding, which will allow the sponsor to harbor some of the appreciation in the properties that has built-up since the initial funding of the first mortgage six years ago. The additional funding was provided by the same consortium of life insurance companies placed in a club facility orchestrated by Simmons and the NKF Capital Markets team when the initial mortgage was funded in 2011. The $560 million loan is serviced by Berkeley Point Capital, the mortgage servicing arm of NKF.
“We have secured over $1 billion of debt capital through Joel and his team at NKF Capital Markets over the years,” said InterPark, Inc. Chief Financial Officer Andrew Runge. “Their approach to capital strategies, experience in the parking industry, and reputation with lenders is best in class. This assignment allowed us to release encumbered capital in an underleveraged pool of assets that was only possible with the capital markets experience, market knowledge and lender relationships possessed by Joel and his team.”
Founded in 1997, InterPark Holdings is North America’s premier owner, operator and developer of parking facilities. It consists of a nationwide portfolio of 57 parking garages and lots that total 49,000 spaces. The firm also provides consulting services such as development and design, equipment selection and operations management; and remote monitoring services.