NKF Capital Markets successfully arranged a $160,000,000 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 $400,000,000 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 $560,000,000 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.
About Berkeley Point Capital
Berkeley Point Capital is the preeminent source of capital solutions for multifamily owners and operators. With a nationwide presence and unparalleled expertise, Berkeley Point boasts a 30 year history and a servicing portfolio of over $58 billion representing in excess of 3,300 loans in 49 states. A top five Fannie Mae and Freddie Mac Lender in 2016, Berkeley Point offers a full complement of GSE, FHA, Life Company and Conduit products paired with extensive multifamily, affordable, student, seniors housing and healthcare expertise. This extensive and diverse national platform provides clients with superior execution in every market across the country.
About NKF Capital Markets
NKF Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark Group, Inc.
Statements in this document regarding Newmark Group, Inc. 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. Except as required by law, Newmark Group, Inc. 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 Group, Inc.’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.