BOSTON, MA – Colliers International announced that its Boston-based Capital Markets group has arranged a $45 million refinancing for 3rd Ave, a newly-constructed Class A retail walking street located off Middlesex Turnpike in Burlington, Massachusetts.
Colliers worked exclusively on behalf of Nordblom Company, one of New England’s oldest and largest real estate companies, to secure the 22.5-year, fixed-rate loan through Sun Life Assurance Company of Canada, a correspondent life company lender. Additionally, Colliers International will service the loan. Terms of the transaction were not disclosed.
The Colliers debt placement team representing the borrower was led by vice president Jeff Black and co-chairman Kevin Phelan.
“3rd Ave is placemaking at its best and the project will most certainly stand the test of time,” Black said. “Competition for this financing was intense and at the end of the day Sun Life offered the best execution and stepped up to the plate with a very attractive deal. It was an honor to be have been retained by Nordblom Company to source long-term financing for this best-in-class asset.”
Completed in 2015, this 130,336-square-foot retail walking street is modeled after high-end retail boulevards that would typically be found in an urban city center. Called the “South End of the Suburbs” by the Boston Globe, 3rd Ave is a walkable neighborhood of desirable shops, destination dining, and engaging entertainment in the heart of the Route 128 tech corridor.
Building a culinary theme, 3rd Ave is home to independent and high-end eateries including The Bancroft (Best of Boston 2015), Kings, Bedford Farms, Osteria Nino, PAUL Bakery, Redstone American Grill, and Tony C’s Sports Bar & Grill. At the center of 3rd Ave lies an urbanesque public park, surrounded by cafés and restaurants.
The retail walking street is also home to a highly curated roster of high-end retail and service brands including Boston Interiors, Carter’s Diamonds, Cambridge Savings Bank, DAVIDsTEA, Dover Rug & Home, 18|8 Fine Men’s Salons, FLOR, James Joseph Salon, a Kohler Signature Store by Supply New England, Mitchell Gold + Bob Williams, Quinstance, The Shade Store, and Xfinity.
The store-lined boulevard is shadow anchored by a new 140,000-square-foot Wegmans supermarket, with a 14,000-square-foot interior “Market Café” and 800-car structured garage. This store is a top performer and contributes to the center’s rank as the market dominant center.
3rd Ave is situated on a super-regional site proximate to the Burlington Mall, just twelve miles from downtown Boston. The property is a premier retail, dining and entertainment destination to over 176,000 people that live within a 5 mile radius of the center, who on average make in excess of $130,000 annually. Additionally, the property serves more than 70,000 employees within a 3 mile radius with over 6,000 employees working directly in Northwest Park.
The 3rd Ave retail walking street serves as the dynamic centerpiece of one of the largest, multi-phased mixed-use redevelopment projects in New England. At full build out, 3rd Ave will include up to 600,000 square feet of prime retail space complemented by 300 units of luxury rental housing, a 150-key full-service boutique Archer Hotel, and more than 2 million square feet of office. On the housing front, Nordblom Company is preparing to open The Tremont at 3rd Ave – a new complex featuring 180 luxury rental units – this Spring. A second phase featuring 120 apartments is now planned for 2017. For more information about 3rd Ave, visit www.3rdAveBurlington.com.
Nordblom Company is a real estate enterprise with an 90-year history of investing, managing and developing properties throughout the New England region and select markets across the country. The company currently owns office, commercial and multi-family properties in the New England and Carolina markets and is committed to creating dynamic work and living environments that further the quality of life for the people who occupy its properties. Headquartered in Burlington, Massachusetts with offices in Boston, Brookline, and Raleigh, North Carolina, Nordblom Company has $1.2 billion in assets under management.
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth products and services to individuals and corporate customers. Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, and Bermuda. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE), and Philippine (PSE) stock exchanges under the ticker symbol SLF.