BURLINGTON, MA—Linear Retail Properties has secured a nearly $51-million refinancing of six of its retail properties in New England.

The deal on the six-property, 224,0001-square-foot portfolio was announced by HFF, which placed the fixed-rate $50.6-million loan with Allianz Real Estate of America, LLC. The loan proceeds will be used to pay off existing debt, according to HFF.

The portfolio consists of: 1000 Bald Hill Road in Warwick, RI; Burlington Marketplace in Burlington, MA; Peabody Gardens in Peabody, MA; Flint Village Plaza in Fall River, MA; 345 Main Street in Reading, MA and 1 Carlisle Road in Westford, MA. The properties are overall 97.7% leased to tenants such as: Trader Joe's, CVS Pharmacy, Rite Aid, Starbucks, Panera Bread, Chipotle Mexican Grill, Bank of America, and Dunkin' Donuts.

The HFF debt placement team that represented the borrower was led by Senior Managing Director Riaz Cassum and Senior Real Estate Analyst Brett Paulsrud.

Linear Retail's current portfolio of approximately 1.38 million square feet was valued at close to $500 million as of Sept. 30, 2013. The Burlington, MA-based firm owns 72 retail properties, including convenience-oriented strip shopping centers, specialty storefront retail in downtown districts and in smaller, well-located centers in dominant retail destination corridors, as well as net leased single-tenant retail properties and urban retail condos.