$85 million financing arranged by HFF for Boston Harbor Garage

The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged $85 million in financing for the Boston Harbor Garage, a 1,380-space parking garage with 30,000 square feet of street-level retail.

HFF senior managing director Riaz Cassum and real estate analyst Carlos Febres-Mazzei worked on behalf of a joint venture between The Chiofaro Company and Prudential Real Estate Investors to secure the five-year, fixed-rate loan through Hartford Investment Management Company. The venture acquired the property in an all-cash transaction in December 2007.

The Boston Harbor Garage is located at 70 East India Road in downtown Boston, adjacent to the New England Aquarium and along the Rose Kennedy Greenway, a recently created boulevard with a series of parks linking several urban neighborhoods.

“The Boston Harbor Garage is among the highest income-producing garages in the City of Boston with an unparalleled location at the core of Boston’s Financial District and frontage on both the new Greenway and the Boston Harbor.,” said Cassum. “This transaction was a welcome challenge given the size of the deal and the current state of global capital markets.”

The Chiofaro Company is a privately held, independent firm engaged in the development, investment, leasing, management and ownership of real estate properties of the highest quality, including Boston’s International Place. It is one of New England’s leading developers and operators of first class commercial and research projects.