JLL Arranges $190M Refinancing for Legacy Place Shopping Center in Dedham, Massachusetts

by Taylor Williams

DEDHAM, MASS. — JLL has arranged a $190 million loan for the refinancing of Legacy Place, a 675,000-square-foot shopping center in Dedham, a southwestern suburb of Boston.

Whole Foods Market, The Apple Store, L.L. Bean and Showcase Cinemas anchor the center, which was built in phases between 2008 and 2009 and renovated between 2020 and 2022. Other tenants include Nike, Athleta, Industrious, Shake Shack, Lululemon, Sephora, Sweetgreen and Yard House.

The property sits on a 37-acre site at the corner of I-95 and U.S. Route 1 within a trade area that totals more than 1.3 million people.

A syndicate of lenders consisting of Wells Fargo and Truist provided the financing to the borrower, a partnership between Boston-based WS Development and Nuveen Real Estate. Brett Paulsrud, Henry Schaffer, Hugh Doherty, Chris Angelone and Zach Nitsche of JLL arranged the debt. Specific loan terms were not disclosed.

According to the capital markets team that worked on the deal, Whole Foods is the most highly trafficked store in Massachusetts for the Austin-based grocer, and Legacy Place as a whole is the most visited lifestyle center in New England.

“This transaction further proves that in spite of macroeconomic headwinds, large-format retail properties in premier locations with best-in-class partnerships that are anchored by sought-after tenants will absolutely continue to thrive,” says Todd Rollins, head of acquisitions and asset management for Nuveen’s Northeast region.

— Taylor Williams

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