Shopping Center Secures $29M in Financing

BEVERLY, MA-Financing in the amount of $29 million was secured for North Beverly Plaza, an 183,599-sf suburban retail center located on nearly 17 acres. Constructed in 1962, the plaza was renovated in 1994 and again during 2003. Its major tenants include a new 65-000-sf Shaw’s supermarket, a new 20,000-sf Staples and a 12,735-sf, to-be-built CVS Pharmacy. Among its other tenants are Blockbuster Video, Dress Barn, BankNorth, Hallmark Moments, Kay Bee Toys and Radio Shack. There is on-site parking for 937 vehicles.

Meredith & Grew Inc. vice president Brian Butler and executive vice president Kevin Phelan of the firm’s Finance & Capital Markets Group secured the 20-year, fixed-rate loan, a refinancing, on behalf of Beverly Plaza, LLC–an affiliate of Mugar Enterprises Inc.–through AIG Global Real Estate Investment Corp. Mugar Enterprises is a privately held real estate and development firm which also manages an equity and bond portfolio, retail and entertainment businesses, and other investments of the Mugar Family of Boston.