December 2007

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"It [the $85 million] is really acquisition financing," RiazCassum, senior managing director of Holliday Fenoglio Fowler LP,tells GlobeSt.com. "They bought it in all cash, so this isleveraging the asset."

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The 1.4-acre site is located at 70 East India Rd. in downtownBoston, on the waterfront. At the ground level, there is 30,000 sfof retail with is currently full-leased. There has been buildinginterest for this property since 2006,with Chiofaro following it for a number of years, first as part ofa mixed-use facility.

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Cassum explains that "it was a challenge--given the market--todo an $85-million deal. Surprisingly, a lot of lenders did not wantto do the deal themselves." The joint venture will secure afive-year fixed-rate loan through Hartford Investment ManagementCo. Cassum says that, "luckily we were able to find this, more thanjust this one option, where a single lender could do the wholething."

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Cassum and real estate analyst Carlos Febres-Mazzei--also ofHFF--secured the loan for the garage's joint venture.

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