Citigroup Completes $36M Garage Refinancing

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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.