Trimont Replaces AEW in Harrisburg Parking Deal

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Trimont Real Estate Advisors will replace AEW Capital Management as asset manager for the proposed $260 million Harrisburg, Pa., parking deal, the office of state-appointed receiver William Lynch said.

AEW pulled out two weeks ago.

Trimont will join Harrisburg First, an investment consortium that includes Guggenheim Securities, Piper Jaffray & Co. and Standard Parking Corp. Members of Lynch’s advisory team met Oct. 28 with officials from Trimont, Harrisburg First and members of the Pennsylvania Economic Development Financing Authority board.

The authority would issue tax-exempt bonds to finance a lease of parking assets for up to 40 years, which is one of the centerpieces of a recovery plan intended to restructure $600 million of debt and keep Pennsylvania’s capital city out of bankruptcy. The other is the sale of an incinerator, which alone accounts for an estimated $363 million of the debt, to the Lancaster County Solid Waste Management Authority.

Lynch and his team want to price the bonds while interest rates remain low, and before the city faces another cash-flow crunch in December or January.

Trimont, in business since 1998, has about 210 employees. According to its website, Trimont has offices in New York; Atlanta; Irvine, Calif.; London; and Amsterdam.

“From these offices, Trimont has manages approximately $150 billion of invested capital for its clients on over 8,000 assets with $400 billion of property value,” a Lynch spokesman said in a statement.

According to the statement, Trimont retained senior executive Rick West, who has more than 30 years of parking experience, to advise on the transition and marketing plans, and capital budgets.

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Transportation industry Pennsylvania
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