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Case Study

Pricoa Private Capital supports acquisition of ICON Parking

Founded in 1947, ICON Parking ("ICON") is the largest parking operator in New York City operating approximately 120 off-street parking garages in Manhattan, Queens, and Brooklyn.

Case Study

Pricoa Private Capital supports acquisition of ICON Parking

Founded in 1947, ICON Parking ("ICON") is the largest parking operator in New York City operating approximately 120 off-street parking garages in Manhattan, Queens, and Brooklyn.

At a Glance

In July 2024, Pricoa Private Capital provided a one-stop financing to Hudson Vally Parking Trust for the acquisition of ICON Parking. The financing solution consists of a Delayed Draw Term Loan (unfunded at close), a Senior Term Loan and Senior Subordinated Notes. Hudson Valley Parking Trust is a global parking acquisition platform operated by a team of parking veterans and led by Jerry Skillet, who has a demonstrated track record of portfolio expansion within multistate parking assets.

Pricoa Private Capital was chosen as a financial partner to support Hudson Vally Parking Trust’s team because we bring a long-term and relationship-focused approach as well as the capacity to deploy a broad range of private capital solutions across the balance sheet.

ArdentFox Schiff represented Pricoa Private Capital as lender counsel. 1V1sion Capital advised on the transaction.

Relationship Since 2024
Transaction details:
  • Delayed Draw Term Loan
  • Senior Term Loan
  • Senior Subordinated Notes
Meet the Team
"The investment from Pricoa Private Capital will enable the Company to capitalize on a unique market opportunity by acquiring a leading parking operator in New York City, the world’s most dynamic parking market and expand the ICON brand in the coming months."
Jerry Skillett Managing Director, Hudson Valley Parking Trust

The Full Story

"We are delighted to be partnering with the Hudson Valley Parking Trust team. The Company represents a top-tier brand in the parking industry and the ICON platform provides a strong foundation for future growth. Pricoa Private Capital provides flexible capital solutions to meet the requirements of businesses and management teams and our strategy encompasses relationship-based investments in stable companies and solid markets."
Julie Langdon Principal, Pricoa Private Capital

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