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Bierbrier Development Refinances Medford’s Wellington Circle Plaza For $22.8M

May 1, 2014 | Reprints | Unlock Link | Print

Lexington-based Bierbrier Development Inc. recently completed a $22.8 million refinancing for Wellington Circle Plaza in Medford.

Wellington Circle Plaza is a 55,000-square-foot shopping center with tenants that include CVS Pharmacy, Men’s Wearhouse, Lenscrafters and Chipotle, among others. Bierbrier Development, which manages the property, has owned the Wellington Circle Plaza since 1985.

"We’re very pleased to receive the refinancing for Wellington Circle Plaza," Len Bierbrier, president of Bierbrier Development, said in a statement. "With this transaction, Bierbrier Development has completed about $48 million in financing during the past 12 months. The proceeds from these financings will be used for growth and expansion of Bierbrier Development portfolio in Greater Boston area."

The 10-year financing was provided by Matthew Kirsch at Bank of America. Bierbrier Development was represented in the transaction by Brian Cororan and Lee Norman of Ackman-Ziff.

Commercial