Patterson Real Estate Advisory Group Sources Debt Financing for Three IOS Sites
Patterson Real Estate Advisory Group is pleased to announce its involvement in assisting TRUX Parking and Albany Road Real Estate Partners acquire a portfolio of IOS sites across the U.S. In 2022, Patterson arranged a programmatic joint venture partnership between TRUX Parking and Albany Road Real Estate Partners. The partnership has since acquired six sites, including three sites recently financed by ServisFirst Bank, located in Salt Lake City, UT, Greensboro, NC, and San Antonio, TX.
Bill Mealor, Senior Managing Director and Partner at Patterson, noted, “We are thankful to continue our relationship with the TRUX and Albany Road teams, having arranged their partnership last year. It is exciting to watch the team realize their business plan while the IOS asset class continues to institutionalize. Chip Patterson’s (TRUX’s CEO) immense knowledge in the parking business from his time running AmeriPark combined with Albany Road’s institutional experience is proving to be a strong and capable sponsorship in this space. We have been pleased with the level of debt responses not only in recognition of the sponsorship’s strength but also in recognition of the strong tailwinds driving fundamentals in the IOS space.”
