BOSTON– JLL Capital Markets announced that it has arranged $21.5 million in acquisition financing for Shops at Riverwood, a 78,000-square-foot, fully leased retail center anchored by Price Rite Marketplace in the Hyde Park neighborhood of Boston, Massachusetts.
JLL worked on behalf of the borrower, Urban Edge Properties, to arrange the seven-year, fixed-rate, non-recourse loan.
Shops at Riverwood is fully leased to nine national and regional tenants, including grocery anchor Price Rite Marketplace, Santander, Burger King, Boston Medical Center, and Planet Fitness. Constructed in phases between 2010 and 2022, the center comprises six standalone retail buildings, one of which is under construction and will be the future home of Starbucks.
Spanning 8.05 acres at 854-912 River St. Hyde Park, Shops at Riverwood is only seven miles from downtown Boston and across the street from the Boston Prep Charter School. The center is in Hyde Park, Boston’s southernmost neighborhood that serves as a vibrant residential community with a suburban feel that attracts young professionals and city employees. The property is situated at a signalized intersection along River Street, one of the neighborhood’s primary thoroughfares, featuring an average daily traffic count of over 20,000 vehicles.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Scott Aiese and Director Amy Lousararian.
“Shops at Riverwood is an excellent example of Urban Edge continuing its strategy to own assets with essential retail in convenient urban locations with higher barriers to entry,” Aiese said.