TPG Real Estate Credit Provides $104M Loan To ReFi Boston Parking Garage
Silverstein Capital Partners owns Dock Square Garage, a 698-space garage in the downtown area
By Brian Pascus April 10, 2024 12:25 pm
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Silverstein Capital Partners and its partner Rialto Capital Management have secured $104 million in financing to refinance Dock Square Garage, a 698-space parking garage in the heart of Downtown Boston, Commercial Observer has learned.
TPG Real Estate Credit provided the loan, while Newmark (NMRK)’s Boston debt and structured finance Group — led by David Douvadjian Sr., Timothy O’Donnell, David Douvadjian Jr., and Conor Reenstierna — represented the sponsors on the transaction.
“Dock Square Garage is a high-performing parking garage that benefits from a mix of transient parkers and monthly contracts within Boston’s 24/7 demand epicenter,” said Douvadjian Sr. in a statement. “Its operations have been completely streamlined and modernized in recent years.”
Located at 20 Clinton Street, between the Boston public market and the waterfront district, Dock Square Garage spans an entire city block. The site sits beside the Faneuil Hall Marketplace shopping center and promenade, a notable tourist attraction. The garage features nearly 700 parking spaces across six levels and includes 16,100 square feet of retail space that is available for lease.
Other landmarks near Dock Square Garage include the TD Bank Garden stadium, The Hub on Causeway shopping mall, the North End historical district, and the Rose Fitzgerald Kennedy Greenway.
Brian Pascus can be reached at bpascus@commercialobserver.com
