Newmark Secures $565 Million Loan for 26-Property, 9-State Parking Facility Portfolio
CHICAGO, June 23, 2021 /PRNewswire/ -- Newmark, on behalf of InterPark Holdings (InterPark), announces 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. Executive Managing Director Joel Simmons of Newmark's Debt and Structured Finance Group arranged the financing. The loan was placed with Apollo Global Management (Apollo) on behalf of the company's externally managed mortgage REIT, Apollo Commercial Real Estate Finance Inc. (NYSE: ARI), 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.
"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.
Founded in 1997, InterPark has evolved to 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 over 100 facilities in various central business district locations as well as off-airport sites. InterPark has continued to invest and expand in the latest technology to streamline its operations and increase contactless payments, which has become popular throughout the pandemic.
Apollo's commercial real estate debt platform, led globally by Scott Weiner, had $30 billion of assets under management as of March 31, 2021 and has invested in over $46 billion of commercial real estate debt investments since the platform's inception in 2009.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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SOURCE Newmark Group, Inc.
