Hinckley Allen Represents Propark America in the Formation of a $500 Million Joint Venture
Hinckley Allen represented Propark America, a national parking services provider, and its affiliates in connection with the formation of a joint venture investment (“the joint venture”) that will seek to acquire and aggregate up to approximately $500 million in income-producing assets. Affiliates of Propark hold an equity position in the joint venture. The joint venture has acquired six parking facilities for a total of $82.6 million.
The property portfolio includes parking facilities at three international airports, two business districts, a university, and a medical facility in California, Colorado, Connecticut, and Florida. Propark will continue to oversee the day-to-day operations of the facilities.
A team of 15 Hinckley Allen attorneys, drawn from multiple offices and practice groups, helped Propark navigate the complexities of the deal, including six transactions, six financings with three lenders and two joint venture arrangements, all closing simultaneously.