We advised a special purpose subsidiary of Mobile Infrastructure (BEEP) on the transaction

Davis Polk advised a special purpose subsidiary of Mobile Infrastructure Corporation (BEEP) in connection with its $100 million issuance of Class A-2 notes, secured by interests in 19 asset entities owning parking facilities across the United States. This first-of-its-kind transaction is designed to enhance flexibility in BEEP’s parking portfolio, allowing it to add and remove parking facilities from the master trust financing structure over time. This transaction was privately placed under Section 4(a)(2) of the Securities Act to several life insurance company purchasers.

The transaction process involved several key components, including the creation of the master trust and the establishment of new mortgage financing across the parking portfolio. This innovative structure remains competitive with CMBS pricing, removes significant covenant limitations and aligns with BEEP’s evolving business model and long-term growth strategy.

BEEP is a publicly traded company headquartered in Cincinnati, Ohio, that owns and manages parking facilities across the United States. The company focuses on acquiring and optimizing parking assets in high-growth markets, particularly within the top 50 Metropolitan Statistical Areas. It owns over 40 parking facilities in 20 separate markets, with approximately 15,100 parking spaces and 5.3 million square feet of parking infrastructure.

The Davis Polk securitization team included partner Ryan D. McNaughton, counsel Bernard Tsepelman and associates Jeffrey J. Saavedra, Anthony (A.J.) Koch, Kimberly Liu, Matthew Lee and Olive Monye. Counsel Julie E. Dechen and associate Benjamin Montgomery provided real estate advice. Partner Corey M. Goodman provided tax advice. All members of the Davis Polk team are based in the New York office.

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