Monday, June 16, 2014

HFF secures $50.6 million refinancing for 6-property New England retail portfolio


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


No comments:

Post a Comment