Boston area market gets $33.5 million re-finance to add a supermarket
Saugus Plaza Shopping Center, a northern suburb of Boston, has won a $33.5 million refinancing to add a new supermarket anchor. The new tenant was not named.
Owned by Finard Properties, the center houses Petco, Kohl’s, Carter’s, Dr. Dental, Title Boxing and Work-N-Gear and performed well both before and during the pandemic. It is located on Route 1 in Saugus, just 10 miles from downtown Boston.
Brett Paulsrud, managing director of JLL Capital Markets, which arranged the refinance, said Saugus Plaza generated strong interest from the lending community.
“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.