The Lightstone Group has completed the refinancing of three retail centres located in North Attleboro, Massachusetts, and Manchester, Connecticut.
The financing was arranged with Bank of the Ozarks for a three-year, USD23m floating rate loan.
The centres, totalling 270,000 square feet, are located in strong retail areas boasting solid surrounding demographics.
“This financing highlights Lightstone’s exceptional ability to navigate the debt markets and capitalise upon renewed bank interest in commercial lending,” says David Lichtenstein, Lightstone’s chairman and chief executive officer.
Christmas Tree Shops Plaza, at about 98,000 square feet in size, and Cumberland Avenue Plaza, approximately 59,200 square feet in size, are highly visible and easily accessed directly off of Route 1 in North Attleboro, MA, and are within two miles of Interstate 95 and Interstate 295. Hale Road, which totals about 112,000 square feet, is conveniently located directly off Interstate 84 in Manchester, CT, a dominant retail submarket within Greater Hartford, and has excellent visibility from the highway.
Overall occupancy for the portfolio currently stands in excess of 94 per cent, and all three centres are anchored by strong, nationally recognised retail tenants. Two centres are anchored by a Christmas Tree Shops, which is owned by the national retailer Bed Bath & Beyond. The third location is anchored by Tuesday Morning, a closeout retailer with over 850 stores across the US, specialising in selling deeply discounted home furnishings, house wares, and gifts. Other national tenants at the centres include Guitar Center, FedEx Kinko’s, and David’s Bridal.
Lightstone acquired these assets in October 2000, and has added value through increasing the centres’ occupancy, enhancing the quality of the tenancy, and controlling operating costs.