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.
The HFF team worked on behalf of the borrower, North Beverly Plaza, LLC, an entity of Mugar Enterprises, Inc., to secure the long-term, fixed-rate loan through TD Bank.
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.”
“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.”
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
