Salem Partners Advises PAVe (ProPark & Parkit Enterprises) in $500 Million Parking Acquisitions Joint-Venture

LOS ANGELES, CA, April 22, 2015 -- Salem Partners is pleased to announce the completion of a $500 millionprogrammatic joint-venture in the real estate / parking sector for its client, Parking Acquisition Venture (PAVe).PAVe is a partnership between Propark America and Parkit and is a team of executives lifted from one of thelargest national parking management companies with over 2,000 employees in approximately 500 locations across 13 states (more than 100,000 parking spaces managed).

The transaction closed on April 22nd, 2015, and Jeff Barcy, Managing Director of Salem Partners’ Real Estate Investment Banking practice, served as the exclusive financial advisor to PAVe. Mr. Barcy and the Salem team led negotiations and leveraged a competitive capital markets process with multiple offers to enable PAVe to select the most suitable equity partner. Salem successfully structured joint venture financing for PAVe that provides significant equity to acquire parking assets totaling $500 million over the next three years. As part of this transaction, PAVe successfully recapitalized an existing national portfolio of parking assets.