JLL Capital Markets arranges $20 million acquisition financing for a 500-space parking garage located at 14-40 Beach Street. in Boston, MA

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.”

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CONTACT:

Jenna Sharp

JLL Associate

 Public Relations

Phone: +1 214 394 3356

Email:  Jenna.Sharp@am.jll.com

www.nbrhdpropertygroup.com.