Mobile Infrastructure closes $100M asset-backed securitization

Mobile Infrastructure (BEEP) announced the closing of a $100M Asset-Backed Securitization facility secured by 19 of the Company’s parking assets. The notes received a BBB private letter rating from a Big 3 nationally recognized rating organization and priced at a stated interest rate of 4.15%, excluding the original issue discount. The notes have an effective loan-to-value ratio of 39%, consistent with the Company’s published Net Asset Value methodology. The notes have a legal maturity of 30 years and an expected repayment term of five years. Proceeds from the transaction will be used to repay approximately $84.4 million of near-term debt, significantly extending expected maturities to 2030. The facility is a meaningful step in providing flexibility to rotate assets for strategic divestitures, redeploy capital into accretive assets, and the ability to transition leased properties to management agreements, furthering Mobile Infrastructure’s long-term capital strategy and portfolio optimization plans. The Company’s Sole Structuring Advisor and Sole Placement Agent was Cantor Fitzgerald & Co.