BOSTON-Dock Square Garage, a six-story, 698-space parking structure has received $35 million in financing. Riaz A. Cassum, senior managing director of the Boston office of Holliday Fenoglio Fowler, arranged the 10-year, fixed-rate, refi on behalf of Dock Square Parking Trust through Massachusetts Mutual Life Insurance Co.
Constructed in 1980, Dock Square Garage is located in the heart of Faneuil Hall Marketplace, one of the city's most popular tourist attractions. The property also contains 15,641 sf of street-level retail space, which is currently occupied by Pizzeria Uno and the Rack, a nightclub.
Cassum notes that the transaction presented a number of challenges because garages are considered a “non-traditional” property type. In addition, he points out, “many lenders are concerned about the possible impact of the Sept. 11 tragedy on tourism demand in major cities.” But, he adds that the “unique supply constraints” that exist in Boston's parking market enabled Massachusetts Mutual to get comfortable with the transaction. “The property's superior location offers significant advantages with respect to attracting transient parking customers,” he says. “It has enjoyed an outstanding operating track record.”
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