$19.6M in financing secured for Boston parking garage
JLL Capital Markets arranged the acquisition financing for a 500-space parking garage located at 14-40 Beach St. in Boston, Massachusetts
BOSTON, Sept. 8, 2022 – JLL Capital Markets announced today that it 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. 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.
“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.”
“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.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Neighborhood Property Group
Neighborhood Property Group is a strategic alliance formed by funds managed by Oaktree Capital Management, L.P. (“Oaktree”)’s Transportation Infrastructure Investing Group and REEF Technology to transform urban real estate assets to better serve the neighborhoods in which they are located. By working together, NPG combines REEF’s expertise in parking and last-mile logistics operations with Oaktree’s deep knowledge of long-term investment in transportation infrastructure to create a powerful investment and operating team. For more information about NPG, visit www.nbrhdpropertygroup.com.
About HarborOne Bank
HarborOne Bank is headquartered in Massachusetts, with $4.7 billion in assets. HarborOne Bank serves the financial needs of consumers, businesses, and municipalities throughout Massachusetts and Rhode Island through a network of 31 full-service branches, and two commercial loan offices in Boston and Providence. The Bank also provides a range of educational services through “HarborOne U,” with content and classes available on personal finance and small business delivered virtually as well as at community locations throughout Massachusetts and Rhode Island. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, is a full-service mortgage lender with offices throughout Massachusetts, Rhode Island, and New Hampshire and is licensed in seven additional states.