Colliers International’s Boston Capital Markets group announced today that it has arranged a refinancing for 1960 Post Road, a parking asset and adjacent retail site at T.F. Green Airport in Warwick, Rhode Island. Colliers worked exclusively on behalf of the borrower, New England Parking LLC, to place the $31-million fixed-rate loan with Blue Hills Bank. The Colliers capital markets team representing the borrower was led by Patrick Boyle and Kevin Phelan.
Boyle remarked that “these non-traditional assets can be challenging to underwrite, but Blue Hills took time to analyze the underlying strengths of ownership, parking, and the airport to put together a deal structure satisfying the financing needs of the borrower.”
The garage, referred to as “Garage C”, is a state-of-the-art structure providing covered, long-term parking for T.F. Green travelers. T.F. Green is located just six miles south of Providence and serves over 3.5 million passengers annually as the only certified Part 139 commercial airport in Rhode Island. With more than 65% of New England living within 75 miles of Providence, T.F. Green serves the business and commercial travelers of the area and acts as a relief valve to the major area hub, Logan International Airport in Boston. T.F. Green is currently undergoing a runway extension project to expand domestic and international flight services.
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Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIGI is an industry-leading global real estate services company with more than 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
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