Member News: New, Near-Airport “The Parking Spot” Facilities Developed in Austin and Philadelphia with $18M Associated Bank Loans
CHICAGO – April 28, 2017 – Associated Bank announces construction loans totaling more than $18 million to affiliates of Green Courte Partners, LLC and The Parking Spot for the construction of two new near-airport parking facilities, one each in Austin and Philadelphia.
TPS Philadelphia LP, doing business as “The Parking Spot 2”, received an $8,500,00 loan for construction of 1,252-covered and 411-uncovered near-airport parking spaces serving Philadelphia International Airport (PHL). Located at 7601 Essington Avenue, the property is The Parking Spot’s second location in Philadelphia, where they have been operating since 2010.
The second construction loan of $10,300,000 was awarded to TPS Parking Austin Two LLC, doing business as “The Parking Spot East”. The new near-airport parking facility with 1,589 covered spaces, will be The Parking Spot’s second location serving Austin-Bergstrom International Airport (AUS), located at 2935 East State Highway 71 in Del Valle, Texas.
Green Courte Partners, LLC and its real estate private equity funds focus on investments in niche real estate asset classes and have extensive experience investing in, building and monetizing industry-leading real estate portfolio companies in a variety of niche sectors. Founded in 1998, The Parking Spot is the leading near-airport parking company in the United States with 39 locations at 21 airports.
Senior Vice President Edward (Ted) Notz of the Commercial Real Estate division of Associated Bank managed the loan and closing.
Headquartered in Chicago, Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. Associated’s Commercial Real Estate division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio and Wisconsin.
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Associated Banc-Corp (NYSE: ASB) has total assets of $29 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank,
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