Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-The Hartford Investment Management Co. is giving an $85-million loan to the Chiofaro company and Prudential Real Estate for the Boston Harbor Garage. The companies combined in December 2007 to form a joint venture that purchased the coveted 1,380-space parking structure. Although the purchase price could not be disclosed, GlobeSt.com has previously estimated that the garage went for around $155 million, which is said to be “close enough.”

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

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

Cassum explains that “it was a challenge–given the market–to do an $85-million deal. Surprisingly, a lot of lenders did not want to do the deal themselves.” The joint venture will secure a five-year fixed-rate loan through Hartford Investment Management Co. Cassum says that, “luckily we were able to find this, more than just this one option, where a single lender could do the whole thing.”

Cassum and real estate analyst Carlos Febres-Mazzei–also of HFF–secured the loan for the garage’s joint venture.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.