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| Amy Lousararian |
BOSTON, MA – JLL Capital Markets has arranged the $19.6 million acquisition financing of 14-40 Beach St., a 500-space, 149,000-square-foot parking garage in Boston, Massachusetts.
JLL
worked on behalf of the borrower, Neighborhood Property Group, to secure the
five-year, fixed-rate loan through HarborOne Bank.
Located
along Beach Street, the garage is positioned between Harrison Ave. and
Washington St. in Boston’s Chinatown neighborhood and nestled between the
Financial and Theater Districts.
 |
| Greg LaBine |
The location is only a few blocks north of the I-93 interchange with I-90 providing excellent vehicular connectivity to the North and South Shore, Logan Airport and Boston’s affluent western suburbs.
Additionally,
the property includes 4,338 square feet of 100-percent-leased, ground-floor
retail space.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Greg LaBine and Director Amy Lousararian.
 |
| 14-40 Beach St., a 500-space, 149,000-square-foot parking garage in Boston, MA |
“While today it is a core cash-flowing garage, it will be exciting to see how the NPG team adapts the asset for additional revenue opportunities and the future of mobility,” said LaBine.
“Harbor
One was supportive of the business plan and executed the financing
flawlessly. We hope this is the first of many garage opportunities for NPG
in the Boston market.”
 |
| Michael Jackowitz |
“Neighborhood
Property Group’s acquisition of 14-40 Beach in Boston embodies the company’s
focus and business plan – to acquire and reposition well-located, urban
infrastructure assets in major U.S. markets to capitalize on the growing demand
for mobility solutions,” said Michael Jackowitz, NPG’s Chief Operating
Officer.
“We
value the assistance and professionalism of JLL and HarborOne Bank in
fostering’s NPG’s expansion into the Boston market.”
For
more news, videos and research resources on JLL, please visit our newsroom.
CONTACT:
Jenna
Sharp
JLL
Associate
Public Relations
Phone: +1
214 394 3356
Email: Jenna.Sharp@am.jll.com
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