Newmark secures $565m loan for 26-property, nine-state parking facility portfolio

Newmark, on behalf of InterPark Holdings, has announced the placement of 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.

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 Joel Simmons, executive managing director of Newmark's Debt and Structured Finance Group

"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," added Marshall Peck, CEO of InterPark.