HFF secures $35.23 million financing for two Linear Retail Properties' sites
September 10, 2015 - Financial Digest
Working on behalf of the borrower, Linear Retail Properties, HFF placed the fixed-rate, first mortgage acquisition loans with different lenders in two separate transactions. A $14.56 million loan was placed with Cambridge Trust Co. for Main Street Marketplace and a $20.67 million loan was secured through Washington Trust with Middlesex Savings Bank for Eaglewood Shops.
Main Street Marketplace is a 44,461 s/f, class A retail center that was completed in 2012. The property is fully-leased to 13 local, regional and national tenants including iParty, Panera Bread, Chipotle Mexican Grill, GNC, Aspen Dental, Supercuts, Five Guys and AT&T Wireless. Situated on a 4.31 acre site at 1030 Main St., the property is straddled by Rtes. 20 and 117 about a half of a mile east of Rte. 128/I-95 in Waltham. Average daily traffic counts at the property exceed 31,000 cars per day on Weston Rd. (Rte. 20).
Completed in 2005, Eaglewood Shops is a class A retail center with 77,558 s/f anchored by Staples. Other retailers at the fully-leased center include Pier 1 Imports, Jos. A. Bank, Burtons Grill, Chipotle Mexican Grill, Thyme Sushi and b good. Eaglewood Shops is located on more than 13 acres at 145 Turnpike St. less than one mile south of I-495 in North Andover. The property has average daily traffic counts of more than 29,000 vehicles per day on Turnpike St. (Rte. 114).
The HFF debt placement team representing the borrower was led by senior managing director Riaz Cassum and director Brett Paulsrud.
Linear Retail is a leading acquirer, owner, developer and operator of retail properties in New England. Linear Retail owns 78 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.
HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.