BOSTON, MA – HFF announced today that it has secured a $50.6
million refinancing for a six-property, 224,001-square-foot retail portfolio in
the New England area.
Working on behalf of Linear Retail Properties, HFF placed
the fixed-rate loan with Allianz Real Estate of America, LLC. Loan proceeds will be used to pay off
existing debt.
 |
| Riaz A. Cassum |
The portfolio consists of 1000 Bald Hill Road in Warwick,
RI; Burlington Marketplace in Burlington, MA; Peabody Gardens in Peabody, MA;
Flint Village Plaza in Fall River, MA; 345 Main Street in Reading, MA and 1
Carlisle Road (Rite Aid) in Westford, MA.
The properties are 97.7 percent leased overall to tenants
including Trader Joe’s, CVS Pharmacy, Rite Aid, Starbucks, Panera Bread,
Chipotle Mexican Grill, Bank of America, Dunkin’ Donuts and many others.
The HFF debt placement team representing the borrower was
led by senior managing director Riaz Cassum and senior real estate
analyst Brett Paulsrud.
“HFF was able to work very closely with our client and the
lender to structure a loan that met all of their objectives,” said Cassum. “It
is always rewarding to work with truly professional organizations such as
Linear Retail Properties and Allianz.”
“HFF represented us in this large portfolio transaction and
brought in their professionalism, excellent customer service and industry
knowledge,” said Bill Beckeman, President and CEO of Linear Retail. “We are
glad to inaugurate this new lending relationship with Allianz.”
 |
| Brett Paulsrud |
Linear Retail Properties was incorporated in August 2003 and
to date, has invested in 76 assets in its target area. The current portfolio of
approximately 1.38 million square feet was valued at close to $500M as of
September 30, 2013.
Based in Burlington, MA, Linear Retail is a leading
acquirer, owner, developer and operator of retail properties in New England.
Linear Retail owns 72 retail properties including convenience-oriented strip
shopping centers, specialty storefront retail in select downtown neighborhoods,
smaller, well-located centers in dominant retail destination corridors, net
leased single tenant retail properties and urban retail condos.
For more
information visit www.linearretail.com or on Twitter: @LinearRetail
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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