Monday, May 14, 2012

HFF closes $15 million sale of and arranges $9.75 million financing for Intercontinental Parking Garage in Boston

                          

BOSTON, MA – HFF announced today that it has closed the sale of and arranged financing for the parking garage below the Intercontinental Hotel & Residences (top left photo) in Boston’s Financial District.

HFF marketed the property as part of a court-mandated Federal Receivership, and procured the buyer, Synergy Investment & Development of Boston. 

 The sale price was $15.0 million.  HFF also arranged a $9.75 million, seven-year, fixed-rate acquisition loan through Webster Bank on behalf of the buyer.

The 376-space garage is part of a mixed-used development that was completed in 2006 and is located between the Rose Kennedy Greenway and the Fort Point Channel. 

Synergy Investment & Development is a Boston-based real estate investment and development firm focused on the acquisition and operation of office, retail and residential assets, and their associated debt.

Contacts:              

COLEMAN BENEDICT                       
HFF Managing Director                            
(617) 338-0990                                         

GREG LABINE                          
HFF Director                             
(617) 338-0990                             
glabine@hfflp.com                      

KRISTEN MURPHY
HFF Associate Director, Marketing
(713) 852-3500

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