$35.23 million in financing for Burlington, Massachusetts-based Linear Retail Properties secured by HFF
BOSTON, MA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $35.23 million in combined financing for Main Street Marketplace in Waltham, Massachusetts and Eaglewood Shops in North Andover, Massachusetts.
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 Company 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-square-foot, 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 Street, the property is straddled by State Routes 20 and 117 about a half of a mile east of Route 128/Interstate 95 in Waltham. Average daily traffic counts at the property exceed 31,000 cars per day on Weston Road (Route 20).
Completed in 2005, Eaglewood Shops is a Class A retail center with 77,558 square feet of space 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 Street less than one mile south of Interstate 495 in North Andover. The property has average daily traffic counts of more than 29,000 vehicles per day on Turnpike Street (Route 114).
The HFF debt placement team representing the borrower was led by senior managing director Riaz Cassum and director Brett Paulsrud.
About Linear Retail Properties
Based in Burlington, Massachusetts, 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. For more information please visit www.linearretail.com or on Twitter @LinearRetail.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). 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. For more information please visit hfflp.com or follow HFF on Twitter @HFF.