TIAA Private Investments and Antarctica Capital have acquired InterPark, a Chicago-based owner and operator of parking garages, from Alinda Capital Partners. No financial terms were disclosed, but a source tells Axios that it was in the ballpark of $1.1 billion. Other members of the buyside consortium included Silverpeak (which will focus on real estate), CIC Capital, China Life, Munich Re and PFA Pension.

Why it matters: InterPark is America's largest parking garage owner and operator, with 57 lots containing 49,000 spaces. Most municipal lots are actually owned by building landlords (who can play havoc with rent costs).

History: Alinda had purchased InterPark for a bit over $300 million from GE Real Estate in 2011, although later invested another $150 million to both add lots and modernize the infrastructure, per a source familiar with the situation.

Bottom line: Municipal parking garages may be heading toward an inflection point (yes, I just wrote that), as we head toward autonomous driving. All sides of cash-flow could look quite different by the time TIAA and Antarctica Capital are ready to sell, with some real estate investors already looking at parking garages as future greenfield properties. For now, this is another case of private equity profiting from real estate-related deals done in the aftermath of the financial crisis.

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Trump says he's prepared to sign executive orders on coronavirus aid

President Trump. Photo: Jim watson/Getty Images

President Trump, speaking from a podium at his golf club in Bedminster, N.J., on Friday announced that he is prepared to issue executive orders suspending payroll taxes and extending enhanced unemployment benefits through the end of 2020, and halting student loan interest and payments indefinitely.

Why it matters: The impending orders come after talks between the White House and Democratic leadership collapsed Friday afternoon. But Trump said he remains committed to striking a deal with Congress on a broader stimulus package before signing the orders.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 19,193,661 — Total deaths: 716,735 — Total recoveries — 11,611,029Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 4,918,927 — Total deaths: 160,737 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: White House recommends Trump issue executive orders on coronavirus aid.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

Trump: "We are going a different way" on coronavirus aid

President Trump. Photo: Jim Watsonn/AFP via Getty Images

President Trump tweeted on Friday that his administration is "going a different way" with coronavirus aid after negotiations with congressional Democrats stalled again, suggesting he will use an executive order to address stimulus spending.

What he's saying: "Pelosi and Schumer only interested in Bailout Money for poorly run Democrat cities and states. Nothing to do with China Virus! Want one trillion dollars. No interest. We are going a different way!" Trump tweeted.