PGIM Real Estate has provided a seven-year $90 million fixed-rate loan on behalf of its core lending strategy to EDENS for two Class A retail properties located in Boston's suburbs. PGIM Real Estate is the $207.9 billion real estate investment and financing business of PGIM.
The two retail assets, totaling 394,108 square feet, are unlevered, wholly owned and located approximately 10 miles north of Boston. The properties' recent redevelopment expands shopping and entertainment options for local residents and adds an organic grocery store and restaurants.
- Woburn Village: This 201,965-square-foot neighborhood center is nine miles north of Boston, in Woburn, Massachusetts. EDENS purchased the property in 2017 and completed its redevelopment in 2021. The property is anchored by Market Basket, a dominant grocer in the area, TJ Maxx/HomeGoods, HomeSense, and DSW. Woburn Village is currently 97.9% leased with average leased occupancy since redevelopment of 97.6%.
- Burlington Crossroads: The 192,143-square-foot shopping center is in Burlington, Massachusetts, four miles southwest of Woburn Village. EDENS purchased the center in 1998 and completed a nearly $8 million renovation in 2014. It is currently 100% occupied and leased, with anchor tenants including Target, Total Wine & More, Marshalls, and Michaels.
"PGIM Real Estate is thrilled to partner with EDENS to expand our necessity-based retail exposure in the high-barrier-to-entry Boston market. Necessity-based retail is a resilient property sector where we expect fundamentals will remain strong," said Tom Goodsite, managing director at PGIM Real Estate, who led the financing on the firm's behalf. "Despite the uncertain economic environment, PGIM Real Estate remains active in the market and continues to provide financing for our clients in sectors and across locations where we have conviction."
