RioCan Hall

Parkway was new to the Toronto market -we saw an ownership and market opportunity that would rely on becoming familiar with the Toronto market in a very condensed bidding and negotiating period.

• We surveyed the submarket extensively and were able to aggregate the total parking revenue and the dilution from its increased capacity after the completion of the garage.
• We calculated the increased demand from the new entertainment uses and how design changes to the garage facility would combine with our operating expertise to capture market share.
• One key insight was a design opportunity Parkway saw to increase the garage capacity by 15% from 370 spaces to 425 spaces at no extra construction cost. Our well-researched, aggressive revenue projections fueled by the capacity increase allowed us to outbid long-term players in the market.
• Parkway acquired a leasehold ownership through a creative deal structure. The structure of the purchase provides a specified preference return on equity to Parkway and a sharing of post debt service cash flow to RioCan Hall's ownership.

• The developers received an additional $2,000,000 more than they had in their pro-forma as a takeout of a portion of their equity in the overall project.
• Our bid gave the developer a takeout for a portion of the construction loan and therefore helped the developer's lenders underwrite the loan
• Revenue projections were exceeded, doubling our minimum investment threshold by our third year of operations.
• Our operation set a new, higher standard of customer service in the Toronto market.