WARWICK, RI-A 1,500-vehicle parking garage at T.F. Green International Airport here has received $35.6 million in a refinancing provided by Citigroup Global Markets. The 10-year, fixed-rate loan closed despite the increased turmoil in the debt market. Given those difficulties, the outcome reaped praise from Seth Rosen, a Meredith & Grew VP who arranged the note in tandem with M&G EVP Kevin Phelan.

"Citigroup did an exceptional job closing this transaction in what was a very challenging capital and credit market environment," relays Rosen, while Phelan termed the process "a unique and challenging assignment" involving a rare asset. Phelan says the garage is among a handful of privately owned parking facilities in the country located on the premises of a commercial airport.

As a rule, garages can be difficult to finance due to their operational vagaries, says Rosen, but the T.F. Green facility offered a mix of building quality and steady market response to provide the confidence necessary among conduit lenders. "The demand is very stable," he says. Other attractions include proximity to the airport terminal, which is about a two-minute walk, plus a modern pay-on-foot payment system, three high-speed elevators and a high level of lighting to enhance security. "It is very well-run," says Rosen, noting that the property is also an award-winner, having been tabbed the 2000 "Best Building in New England" by the American Concrete Institute.

Rosen and Phelan secured the loan on behalf of the garage's owners, the New England Parking Co., which also manages the six-level facility. Constructed in 1999, the garage has benefited from T.F. Green's ascension as a regional alternative to Logan International Airport in Boston. Passenger flights have increased by 32% during the past three years following $300 million in upgrades to T.F. Green's terminals and roadway infrastructure.