"It [the $85 million] is really acquisition financing," Riaz Cassum, senior managing director of Holliday Fenoglio Fowler LP, tells GlobeSt.com. "They bought it in all cash, so this is leveraging the asset."
The 1.4-acre site is located at 70 East India Rd. in downtown Boston, on the waterfront. At the ground level, there is 30,000 sf of retail with is currently full-leased. There has been building interest for this property since 2006, with Chiofaro following it for a number of years, first as part of a mixed-use facility.
Cassum explains that "it was a challenge--given the market--to do an $85-million deal. Surprisingly, a lot of lenders did not want to do the deal themselves." The joint venture will secure a five-year fixed-rate loan through Hartford Investment Management Co. Cassum says that, "luckily we were able to find this, more than just this one option, where a single lender could do the whole thing."
Cassum and real estate analyst Carlos Febres-Mazzei--also of HFF--secured the loan for the garage's joint venture.
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