The HT garage was purchased for $153 million in December 2007, supposedly as an all-cash transaction.
The following year (in 2008), a five-year balloon note for $85 million was taken out on the property.
The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged $85 million in financing for the Boston Harbor Garage, a 1,
www.businesswire.com
.
In 2013, a second, five year balloon note for $90 million was taken out on the property.
HFF, a provider of commercial real estate and capital markets services, said that it has arranged $90 million in financing for the Boston Harbor Garage, a 1,380-space parking garage with 30,000 square feet of street-level retail. HFF said it worked on behalf of the borrower, a joint venture...
www.boston.com
I have found no record of a third note. (One can readily price the annual interest costs of a balloon note; these costs are a non-operating expense.)
In 2010, Ted Oatis, Chiofaro's main business partner, estimated the cost of burying the garage at $140 million.
"...and the cost of burying the existing 1,400 spaces underground. They say it would cost about $100,000 per space, or about $140 million, to put the garage underground."
(Oatis died in 2014. Chiofaro compared Oatis and himself to Felix and Oscar in The Odd Couple. “I was Oscar,” Chiofaro said, while “Teddy was detailed and orderly and complete and concise,”)
<a href="http://www.chiofaro.com/oatis.html?KeepThis=true&TB_iframe=true&height=400&width=658" target="_blank">Theodore Allen Oatis</a>, 67, of Charlestown, created projects such as International Place with his partner, Donald Chiofaro, and during the past two years after being diagnosed with...
www.bostonglobe.com
Back in 2010, the combined cost of the project, acquisition plus construction cost of a new garage, was about $300M; to that add the cost of whatever was to be built above the garage.
Ram's Head Development Co. LLC, annual report for 2019 filed with the Commonwealth.
http://corp.sec.state.ma.us/CorpWeb/CorpSearch/CorpSearchFormList.aspx?sysvalue=9gr67UrCwZ.oMoa.bZWvVA--
Check the 2019 report box
The MA corporate filing page is a mess. You need to search by ID number, which will pull up the corporate filings.
Identification Number: 000965905 Annual Report Filing Year: 2019 1.a. Exact name of the limited liability company: RAM'S HEAD DEVELOPMENT COMPANY LLC
From that report, one obtains a listing of the three officers.
7. The name and business address of the person(s) authorized to execute, acknowledge, deliver and record any recordable instrument purporting to affect an interest in real property: Title Individual Name First, Middle, Last, Suffix Address (no PO Box) Address, City or Town, State, Zip Code REAL PROPERTY xxxxx xxxxxx 7 GIRALDA FARMS MADISON, NJ 07940 USA REAL PROPERTY yyyyyy yyyyyyy 7 GIRALDA FARMS MADISON, NJ 07940 USA REAL PROPERTY zzzzz zzzzzzz 7 GIRALDA FARMS MADISON, NJ 07940 USA
The three officers of Ram's Head listed in the report hold these positions in Prudential Real Estate.
Executive Director, PGIM Real Estate
Managing Director, PGIM Real Estate
Chief Financial Officer for PGIM Real Estate's flagship core fund, one of the largest open-end real estate funds in the United States, with $26B of gross assets under management.
I do not know Massachusetts's rules of civil procedure, but I would think if a party, such as Chiofaro, is a limited partner in an enterprise, and the general partner is Ram's Gate, both partners would join in a motion to dismiss the parking-spaces-are-ours-in-perpetuity claim of the Harbor Tower's residents, particularly, as in this case, the limited partner is a 'resident' of Massachusetts (and this is a case in a MA court). But maybe that's just my perception of how things ought to be done.