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Parking Garage Scores $104M Loan In Boston

Many commercial properties in downtown Boston have seen their values plummet as investors and lenders shy away from the office sector, but it appears demand is still strong for parking garages. 

The Dock Square Garage sits across the street from Faneuil Hall Marketplace.

TPG Real Estate Credit provided a $104M loan to refinance the six-story Dock Square Garage at 20 Clinton St., deed records show. 

The property is owned by Silverstein Capital Partners and investment vehicles managed by Rialto Capital Management, according to a release from Newmark, which brokered the deal. 

The property features 698 parking spaces and 16K SF of retail. It sits in the city's central tourist hub, across the street from Faneuil Hall Marketplace and a short walk from Christopher Columbus Waterfront Park and the New England Aquarium.

The retail space was previously occupied by Hard Rock Cafe, but the restaurant closed in 2022. 

“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,” Newmark Vice Chairman David Douvadjian Sr. said in the release. “Its operations have been completely streamlined and modernized in recent years.”

He brokered the deal along with Newmark's Timothy O'Donnell, David Douvadjian, Jr., Conor Reenstierna and Robert Griffin. A TPG spokesperson declined to comment, while representatives from Silverstein and Rialto didn't respond to a request for comment.

The Dock Street Garage property previously secured a $115M loan from Deutsche Bank in June 2021, property records show. It appears the property last sold in 2017 for $170M. 

The property has previously been eyed for redevelopment, with the Boston Planning & Development Agency in 2019 approving a plan from Fortis Property Group to build 200 condos above the garage. But that plan never moved forward, and it appears Fortis sold its stake in the property to an affiliate of Rialto, according to property records.