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Local Voices

Burlington Company Closes On $8.24M in Loans for Two NH Properties with Needham Bank

Linear Retail Properties, LLC, announced today that it recently refinanced two New Hampshire properties in Salem and Manchester with Needham Bank.

Salem Village was acquired by Linear Retail in January of 2007 and was subsequently repositioned with new retailers. Key tenants include: Pet Life, Sherwin-Williams and AutoZone. The 27,353 sf center is located at the signalized intersection of S. Broadway/Route 28 and Pond Street, just 300 yards from the MA border. The fully-leased 9,870 sf Manchester Shopping Center was acquired by Linear Retail in April of 2012. The center was renovated in 2013 with a new façade and signage. Current tenants include: Chipotle, Sleepy’s US Cellular, and Hannoush Jewelers. Manchester Shopping Center is located in the primary retail destination corridor in the Manchester area just ½ mile north of the Mall of New Hampshire on S. Willow St. (Route 28).

“I am delighted that Linear Retail, a leader in their industry, chose Needham Bank as their financial partner,” stated Patrick Lee, Senior Vice President. “We look forward to deepening our relationship with Linear and continuing to provide them with outstanding customer service and timely execution that is made possible by our knowledgeable and experienced lending team.”

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Deepa Krishnamurthy, Linear Retail’s Partner and Chief Financial Officer stated, “We thank Needham Bank for all of their hard work, stewardship and professionalism. We are very excited to begin this new relationship and are looking forward to doing more business with Needham Bank.”

ABOUT NEEDHAM BANK

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Needham Bank, headquartered at 1063 Great Plain Ave. in Needham, MA, is the quintessential community bank, serving Boston and its neighboring communities continuously since 1892. Needham Bank represents the evolution of community banking™, offering the latest financial products and technologies, while maintaining an unwavering commitment to the communities served. For more information please visit NeedhamBank.com. Needham Bank is a member of FDIC and SIF.

ABOUT LINEAR RETAIL PROPERTIES, LLC

Based in Burlington, MA, Linear Retail is a leading acquirer, owner, developer and operator of retail properties in New England. Linear Retail owns 71 retail properties including convenience-oriented strip shopping centers, specialty storefront retail in select downtown neighborhoods, smaller, well-located centers in dominant retail destination corridors, net leased single tenant retail properties and urban retail condos. For more information visit www.linearretail.com or on Twitter: @LinearRetail

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