BOSTON-HFF said Monday it had arranged $90 million in financing for the Boston Harbor Garage, a 1,380-space parking garage with 30,000 square feet of street-level retail. It's the second time around for HFF, lender Hartford Investment Management Co. and the garage's ownership, a joint venture of Chiofaro Co. and Prudential Real Estate Investors, which has owned it since 2007.
The new five-year, fixed-rate loan on the garage of 70 East India Rd. in downtown Boston replaces an $85-million financing that HFF arranged for the JV in the summer of 2008. Terms of the new loan were not disclosed.
The HFF team representing the JV was led by senior managing director Riaz Cassum, director Porter Terry and real estate analyst Samantha Bendetson. “This property has consistently performed extremely well throughout the years and remains one of the highest-income producing garages in the city,” Cassum says in a release. “The asset's unbeatable location near many of Boston's most popular attractions and its central business district coupled with Boston's strong market help to assure that it will continue to be a dependable source of revenue for the borrower.”
The garage is next to the New England Aquarium and along the Rose Kennedy Greenway across from Faneuil Hall. It is used by residents of Harbor Towers, a nearby residential complex. Among New England's leading developers, Chiofaro and PREI paid about $155 million for the garage in December '07.
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