Colliers Secures $45M for 3rd Ave Retail in Burlington, Mass.

Colliers International’s Boston office arranged $45 million to refinance 3rd Ave, a newly constructed Class A retail street in Burlington, Mass.

Colliers International Vice President Jeff Black and Co-chairman Kevin Phelan worked exclusively on behalf of Nordblom Co., Burlington, to secure the 22.5-year fixed-rate loan through Sun Life Assurance Co., Toronto, Ontario. Colliers will service the loan.

Called the “South End of the Suburbs” by the Boston Globe, 3rd Ave is a walkable neighborhood of shops, restaurants and entertainment in the Route 128 tech corridor 12 miles northwest of Boston.

The 130,000-square-foot retail center delivered last year. It includes independent and high-end restaurants The Bancroft, Kings and Osteria Nino and retailers such as Carter’s Diamonds and Mitchell Gold + Bob Williams. A new 140,000-square-foot Wegmans supermarket shadow-anchors the property.

More than 176,000 people with an average household income of $130,000 live within five miles of 3rd Ave.

The 3rd Ave retail walking street represents part of a large multi-phased mixed-use redevelopment project. At full build-out, the development will include up to 600,000 square feet of retail space and 300 apartment units, a 150-key full-service Archer Hotel and more than two million square feet of office. Nordblom Co. plans to open the 180-unit apartment community The Tremont at 3rd Ave this spring and a second 120-apartment property next year.