Arlington, MA – Bierbrier Development Inc., a developer and owner of shopping centers in Eastern Massachusetts, recently announced it recently completed $6.6 million refinancing for Arlington Village Shops shopping center in Arlington, Mass. Terms of the financing were not disclosed.
John Hancock Financial provided the financing for the expanded 25,000-square-foot shopping center. Shawn Herlihy of Goedecke & Co., LLC, arranged the financing on behalf of Bierbrier Development.
“We’re very pleased to receive the financing for Arlington Village shops in a difficult credit climate,” said Len Bierbrier, president of Bierbrier Development. The Arlington Village Shops loan was able to successfully match the “new normal” for lending today, combining “A” locations, proven cash flow, credit tenancies, experienced sponsorship and an important equity component.”
Despite a slowdown in the retail industry, the center is 90 percent leased. It will be one of the first core and shell LEED-certified retail buildings in Massachusetts. Leading the way for new tenants at Arlington Village Shops is Unleashed by PETCO, which leased 5,000 square feet at the new building to open one of the first regional “Unleashed” boutique pet shops. Hair Cuttery, a national hair cuts and full-service salon, leased 1,375 square feet in the new building. Only 2,500 square feet of space is still available for lease in the new expansion. Bierbrier Development also recently leased 3,300 square feet in the existing Arlington Village Shops to The Meat House, a national franchise that has store locations in six states.
