DALLAS--(BUSINESS WIRE)--Dallas-based Preston Hollow Capital (PHC) announced today the closing of a $59 million public-private parking transaction to monetize the parking system at Eastern Michigan University’s (EMU) Ypsilanti campus. Under the concession agreement, EMU received a $55 million upfront payment in exchange for the transfer of all University parking operations, allowing the University to fund long-term investments in academic facilities and programs. PHC has also committed over $4 million in capital expenditures toward enhancements in campus parking during the first two years of the agreement. LAZ Parking, which operates more than 2,700 parking locations in over 350 cities across the U.S., was selected to operate EMU’s parking operations.
“The EMU parking transaction is a great example of a true partnership between the public and private sectors because it aligns the parking system’s success with the collective interests of all parties,” said Matt Levin, Executive Director/Senior Banker with Preston Hollow Capital. “PHC has committed to continued investment in the parking system and the development of innovative approaches designed to maximize value to the University and its stakeholders. We look forward to a long-term, productive partnership with the University over the course of the 35-year agreement.”
“The complexity of this deal required a high level of collaboration among the parties involved for it to succeed,” said PHC Chairman & CEO Jim Thompson. “We’re especially pleased that the outcome will result in great financial benefit for EMU’s facilities and programs.”
"EMU is pleased to be entering this relationship with Preston Hollow,” said Michael Valdes, CFO of EMU. “The upfront payment associated with this monetization will enable the University to invest in key academic programs, and enhance student services on Campus. The high level of collaboration we have experienced to date helps solidify that we made the right choice of partner in a highly competitive process."
About Preston Hollow Capital
Preston Hollow Capital (www.phcllc.com) is the leading solution provider in municipal finance. Headquartered in Dallas, Preston Hollow Capital is an independent municipal finance company with more than $1 billion in permanent equity capital and over $2 billion in investment capacity from a diverse investor base comprised of founding management, institutional investors including funds managed by Stone Point Capital LLC and HarbourVest Partners, and several prominent family offices. Since being founded by Chairman & CEO Jim Thompson in 2014, Preston Hollow Capital has closed over $1.2 billion in transactions across a variety of sectors of the municipal bond market including real estate, senior living, education, infrastructure, general government and economic development. Preston Hollow Capital differentiates itself with its ability to deliver capital with speed, certainty and flexibility.