Case Study

PGIM supports acquisition of ICON Parking

Founded in 1947, ICON Parking ("ICON") is the largest parking operator in New York City operating approximately 120 off-street parking garages in Manhattan, Queens, and Brooklyn.

ICON Parking
At a Glance Meet the Team

At a Glance

In July 2024, PGIM provided a one-stop financing to Hudson Valley Parking Trust for the acquisition of ICON Parking. The financing solution consists of a Delayed Draw Term Loan (unfunded at close), a Senior Term Loan and Senior Subordinated Notes. Hudson Valley Parking Trust is a global parking acquisition platform operated by a team of parking veterans and led by Jerry Skillet, who has a demonstrated track record of portfolio expansion within multistate parking assets.

PGIM Private Capital was chosen as a financial partner to support Hudson Valley Parking Trust’s team because we bring a long-term and relationship-focussed approach as well as the capacity to deploy a broad range of private capital solutions across the balance sheet.

ArdentFox Schiff represented PGIM as lender counsel. 1V1sion Capital advised on the transaction.

Relationship Since 2024
 
Transaction details:
  • Delayed Draw Term Loan
  • Senior Term Loan
  • Senior Subordinated Notes

"The investment from PGIM will enable the Company to capitalize on a unique market opportunity by acquiring a leading parking operator in New York City, the world’s most dynamic parking market and expand the ICON brand in the coming months."

Jerry Skillett Managing Director, Hudson Valley Parking Trust

<p>"The investment from PGIM will enable the Company to capitalize on a unique market opportunity by acquiring a leading parking operator in New York City, the world’s most dynamic parking market and expand the ICON brand in the coming months."</p>

"We are delighted to be partnering with the Hudson Valley Parking Trust team. The Company represents a top-tier brand in the parking industry and the ICON platform provides a strong foundation for future growth. PGIM provides flexible capital solutions to meet the requirements of businesses and management teams and our strategy encompasses relationship-based investments in stable companies and solid markets."

Julie Langdon Senior Director, PGIM

<p>"We are delighted to be partnering with the Hudson Valley Parking Trust team. The Company represents a top-tier brand in the parking industry and the ICON platform provides a strong foundation for future growth. PGIM provides flexible capital solutions to meet the requirements of businesses and management teams and our strategy encompasses relationship-based investments in stable companies and solid markets."</p>

Additional Case Studies

Meet Our Team

Julie Langdon, CFA
Julie Langdon, CFA

Senior Director, North America Corporate Finance

+1 (212) 626-2063

View Bio