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Insurers Back InterPark Holdings with $160 Million Loan

NKF Capital Markets Arranges Supplemental Funding for 26 Parking Assets
January 31, 2018
InterPark Holdings completed a $160 million finance add-on of a 26-property portfolio containing cross-collateralized urban and off airport parking assets. Terms of the financing were not disclosed.

NKF Capital Markets arranged the fixed-rate, interest-only funding, which was supplemental to an existing $400 million mortgage

Executive managing director Joel Simmons of the NKF Capital Markets Chicago office originated the funding, which will allow InterPark to capture 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 that funded the initial mortgage in 2011.

The total $560 million loan is serviced by Berkeley Point Capital, the mortgage servicing arm of NKF.

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.

Last July, consortium led by TIAA Private Investments and Antarctica Capital acquired InterPark. The consortium includes CIC Capital Corp.; China Life; Munich Re Group; and PFA Pension Investment.

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