Image courtesy of JLL

A New York City investor has received $19.6 million in acquisition financing for a Chinatown parking garage after acquiring the property from Quincy-based Foxrock Properties.

Neighborhood Property Group specializes in acquisitions and repositioning of parking garages in large U.S. metros, with a current portfolio of 10 properties in seven cities totaling 2,176 parking stalls. The acquisition is its first in Massachusetts.

The company acquired the 14-40 Beach St. property on July 1 for $32 million, according to a Suffolk County deed, and received a five-year, fixed-rate mortgage from HarborOne Bank on Aug. 4. The structure includes 4,338 square feet of retail space that is 100-percent leased.

“Neighborhood Property Group’s acquisition of 14-40 Beach in Boston embodies the company’s focus and business plan – to acquire and reposition well-located, urban infrastructure assets in major U.S. markets to capitalize on the growing demand for mobility solutions,” Michael Jackowitz, NPG’s Chief Operating Officer, said in a statement.

The seller, Foxrock Properties, bought the 500-space, 149,000-square-foot garage in 2017 for $33.5 million.

Neighborhood Property Group was founded in a 2020 partnership between REEF Technology and funds managed by Oaktree Capital Management.

Managing Director Greg LaBine and Director Amy Lousararian of JLL’s debt advisory team sourced the financing from HarborOne.