Harrisburg parking deal: Trimont selected to replace AEW
Less than two weeks after AEW Capital Management pulled out of the Harrisburg parking deal — part of the city's recovery plan — a new asset manager has been named.
The Office of the Receiver announced the selection of Trimont Real Estate Advisors Inc., an Atlanta-based manager of about $150 billion of invested capital for its clients on more than 8,000 assets and $400 billion of property value.
“Trimont has retained a senior executive, Rick West, with over 30 years of parking experience to provide advice on areas such as the transition plan, marketing plan and annual operating and capital budgets processes,” Cory Angell, a spokesman for the receiver, said in an email.
The parking transaction in the Harrisburg Strong Plan is going to be a public-private partnership using tax-exempt bond financing through the Pennsylvania Economic Development Financing Authority. That deal with Harrisburg First also includes Guggenheim Securities LLC, Piper Jaffray & Co. and a subsidiary of Standard Parking Corp., Standard Parking SP Plus Municipal Services.
December has been ruled as the likely month for completion of the asset deals.
The 40-year lease of the city’s parking system is expected to net between $258 million and $268 million. The final terms of the deal will rely on conditions in the municipal bond market.