$33.56M refinancing secured for retail center renovation
JLL Capital Markets arranged the loan for the Boston-area retail center’s renovation of its grocery space
BOSTON, Feb. 8, 2021 – JLL Capital Markets announced today that it has arranged a $33.56 million refinancing for Saugus Plaza Shopping Center, a 208,500-square-foot retail center in the inner Boston suburb of Saugus, Massachusetts.
JLL worked on behalf of the borrower, Finard Properties, to place the fixed-rate loan with HarborOne Bank as agent and Salem Five as co-lender. Loan proceeds will be used to build out the grocery space for a national credit grocery to open at the center in 2022.
Under the long-term stewardship of Finard Properties, Saugus Plaza Shopping Center has demonstrated exceptional historical performance and will add the new grocer to an already diverse mix of national and local tenants, including Petco, Kohl’s, Carter’s, Dr. Dental, Title Boxing and Work-N-Gear. Situated on 16 acres at 325-357 Broadway (Route 1) in Saugus, the center is in a core location 10 miles from downtown Boston. The Route 1 corridor, which is the primary commuter thoroughfare and a popular shopping destination for Boston’s northern residents, is known for its iconic restaurants and variety of retail options.
The JLL Capital Markets Debt Placement team representing the borrower was led by Executive Managing Director John Fowler, Senior Managing Director Chris Angelone, Managing Director Brett Paulsrud and Associate Amy Lousararian.
“While the pandemic has created significant challenges in the retail market, it is important to note that the availability of capital remains intact for well-located, anchored retail,” Paulsrud said. “The strength of the Finard sponsorship, historic performance of the center and diverse mix of tenants generated strong interest from the lending community.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Finard Properties
Finard Properties is a third-generation real estate development and management company whose mission is to provide community-enhancing real estate developments. The Finard team identifies properties that have great potential for redevelopment and works closely with community members, municipal leaders, and design professionals to expertly plan, permit, finance and deliver best-in-class assets. Finard Properties’ successful track record entices top-tier investor and partners and draws the most sought-after retailers to its properties. The Finard Properties portfolio includes real estate in multiple asset classes: office, retail and hospitality throughout the East Coast.