Neighborhood Property Group Targets Boston Garage with $20M Financing
Neighborhood Property Group has secured $19.6 million in acquisition financing for 14 Beach Street, a 500-space, 149,000-square-foot parking garage in Boston, MA. The property also includes 4,338 square feet of 100% leased ground-floor retail space.
Greg LaBine and Amy Lousararian of JLL worked on behalf of the borrower to arrange a five-year, fixed-rate loan through HarborOne Bank.
“Neighborhood Property Group’s acquisition of 14 Beach embodies the company’s focus and business plan — to acquire and reposition well-located, urban infrastructure assets in major US markets to capitalize on the growing demand for mobility solutions,” said Michael Jackowitz, NPG’s CEO.
The garage is positioned along Beach Street between Harrison Avenue and Washington Street. 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 for connectivity to the North and South Shore, Logan Airport and Boston’s western suburbs.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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