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.

Chinatown Garage Sold to NY Investor

by Steve Adams time to read: 1 min