{"id":1004666217,"date":"2023-06-05T04:07:40","date_gmt":"2023-06-05T12:07:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004666217"},"modified":"2023-06-05T05:17:09","modified_gmt":"2023-06-05T13:17:09","slug":"ws-development-nuveen-obtain-190m-refi-for-lifestyle-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/","title":{"rendered":"WS Development, Nuveen Obtain $190M Refi for Lifestyle Center"},"content":{"rendered":"
\"Legacy<\/a>

Legacy Place. Image courtesy of JLL Capital Markets<\/em><\/p><\/div>\n

WS Development<\/strong> and Nuveen Real Estate<\/strong> have refinanced Legacy Place, their 675,000-square-foot grocery-anchored, lifestyle center in Dedham, Mass., with $190 million in first mortgage refinancing from Wells Fargo<\/strong> and Truist<\/strong>. JLL Capital Markets<\/strong> arranged the funding.<\/p>\n

Legacy Place was completed in 2009 and renovated in 2020 and 2022. The retail center is anchored by Whole Foods, Apple, L.L. Bean and Showcase Cinemas. This Whole Foods reportedly is the chain\u2019s most-visited location in Massachusetts, and Legacy Place reportedly is the most-visited lifestyle center in New England.<\/p>\n

Other tenants include Nike, Athleta, Industrious, Shake Shack, Lululemon, Sephora, Sweetgreen and Yard House.<\/p>\n

\n

READ ALSO<\/strong>: How New Entertainment Concepts Are Impacting Retail<\/a><\/p>\n

\n

The previous financing on the center was a $200 million, 10-year loan originated by Wells Fargo Bank in April 2013, according to CommercialEdge. Two units at the center totaling 43,325 square feet are currently available, the same source indicates.<\/p>\n

The 37-acre site is at 300 Legacy Place Blvd., in Dedham, which enjoys an average annual household income over $150,000.<\/p>\n

In a prepared statement, Todd Rollins, who heads acquisitions and asset management for Nuveen\u2019s Northeast region, said that despite macro-economic headwinds, well-located large-format retail properties anchored by sought-after tenants will continue to thrive.<\/p>\n

The JLL Retail Capital Markets Debt Advisory team was led by Senior Managing Director Brett Paulsrud, Senior Director Henry Schaffer and Associate Hugh Doherty, with assistance from Retail Investment Sales Advisors Chris Angelone and Zach Nitsche.<\/p>\n

Conflicting dynamics<\/h2>\n

The metro Boston retail real estate market sits at the intersection of a high median household income and a modest regional development pipeline, but with a backdrop of inflation worries, according to a report from Marcus & Millichap<\/strong>. Availability in Boston itself was just 2.1 percent as of late last year, and centers anchored by grocery and drug stores should retain appeal for investors, the report stated.<\/p>\n","protected":false},"excerpt":{"rendered":"

JLL Capital Markets arranged the financing for this suburban Boston asset.<\/p>\n","protected":false},"author":882,"featured_media":1004666226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21825,21742,10,21749],"tags":[44006,34836,43901,48350,33277,40155],"class_list":["post-1004666217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-finance","category-latest","category-northeast","category-retail","tag-jll-capital-markets","tag-marcus-millichap","tag-nuveen-real-estate","tag-truist-financial-corp","tag-wells-fargo","tag-ws-development"],"acf":[],"yoast_head":"\nWS Development, Nuveen Obtain $190M Refi for Lifestyle Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"WS Development and Nuveen Real Estate secured $190 million to refinance the Legacy Place grocery-anchored, lifestyle center in Dedham, Mass.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WS Development, Nuveen Obtain $190M Refi for Lifestyle Center\" \/>\n<meta property=\"og:description\" content=\"WS Development and Nuveen Real Estate secured $190 million to refinance the Legacy Place grocery-anchored, lifestyle center in Dedham, Mass.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-05T12:07:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-05T13:17:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Legacy-Place.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/\",\"name\":\"WS Development, Nuveen Obtain $190M Refi for Lifestyle Center - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Legacy-Place.png\",\"datePublished\":\"2023-06-05T12:07:40+00:00\",\"dateModified\":\"2023-06-05T13:17:09+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"WS Development and Nuveen Real Estate secured $190 million to refinance the Legacy Place grocery-anchored, lifestyle center in Dedham, Mass.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Legacy-Place.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Legacy-Place.png\",\"width\":800,\"height\":600,\"caption\":\"Legacy Place. Image courtesy of JLL Capital Markets\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"WS Development, Nuveen Obtain $190M Refi for Lifestyle Center\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"WS Development, Nuveen Obtain $190M Refi for Lifestyle Center - Commercial Property Executive","description":"WS Development and Nuveen Real Estate secured $190 million to refinance the Legacy Place grocery-anchored, lifestyle center in Dedham, Mass.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/","og_locale":"en_US","og_type":"article","og_title":"WS Development, Nuveen Obtain $190M Refi for Lifestyle Center","og_description":"WS Development and Nuveen Real Estate secured $190 million to refinance the Legacy Place grocery-anchored, lifestyle center in Dedham, Mass.","og_url":"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2023-06-05T12:07:40+00:00","article_modified_time":"2023-06-05T13:17:09+00:00","og_image":[{"width":800,"height":600,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Legacy-Place.png","type":"image\/png"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/","url":"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/","name":"WS Development, Nuveen Obtain $190M Refi for Lifestyle Center - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Legacy-Place.png","datePublished":"2023-06-05T12:07:40+00:00","dateModified":"2023-06-05T13:17:09+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"description":"WS Development and Nuveen Real Estate secured $190 million to refinance the Legacy Place grocery-anchored, lifestyle center in Dedham, Mass.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Legacy-Place.png","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Legacy-Place.png","width":800,"height":600,"caption":"Legacy Place. Image courtesy of JLL Capital Markets"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/ws-development-nuveen-obtain-190m-refi-for-lifestyle-center\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"WS Development, Nuveen Obtain $190M Refi for Lifestyle Center"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Legacy-Place.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004666217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004666217"}],"version-history":[{"count":4,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004666217\/revisions"}],"predecessor-version":[{"id":1004666234,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004666217\/revisions\/1004666234"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004666226"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004666217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004666217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004666217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}