BOSTON– Holliday Fenoglio Fowler, L.P. (HFF) announced 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.”