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| North Beverly Plaza, Beverly, MA |
BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $33 million refinancing of North Beverly Plaza, a 197,471-square-foot, grocery-anchored retail shopping center in the community of Beverly, Massachusetts on Boston’s North Shore.
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| Greg LaBine |
North Beverly Plaza is located
off of Route 128 at 55 Dodge Street in the suburban North Shore community of
Beverly, about 26 miles north of Boston.
The 96-percent-leased property is anchored by a
65,000-square-foot Shaw’s supermarket and features a diverse tenant roster,
including CVS, People’s United Bank, Staples and Chipotle.
HFF’s debt placement team
representing the borrower consisted of managing director Greg LaBine and
associate Amy Lousararian.
“This loan showed the benefit
of refinancing early to access equity trapped in a low leverage existing financing,
even in the context of having to pay a prepayment penalty,” said LaBine.
“HFF had been advising the borrower for years on the right time to pull the
trigger, and the economics now made sense.”
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| Amy Lousararian |
“This transaction was also a
good example of the kind of financing still available for well-located,
grocery-anchored retail with best-in-class sponsorship” added LaBine.
“Multiple lenders sought this transaction, including life
companies and banks. TD Bank offered the best combination of proceeds,
pricing, amortization and prepayment flexibility, while also providing a very
smooth closing experience.”
CONTACTS:
GREG LABINE
HFF Managing Director
(617) 338-0990
KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
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