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Brokerage
Posted: December 1, 2015
CBRE/NE assists Samuels & Associates for $43.9 million financing in Hingham
The Launch at Hingham Shipyard - Hingham, MAHingham, MA The CBRE/New England debt & structured finance team sourced a joint venture partner, Principal Enhanced Property Fund, L.P. (PEPF), managed by Principal Real Estate Investors (PrinREI), and first mortgage financing in the amount of $43.9 million from MetLife, for The Launch at Hingham Shipyard at 18 Shipyard Dr.
CBRE/NE’s Kyle Juszczyszyn, Chris Coutts and Taylor Shepard assisted Samuels & Associates, Legacy Capital Partners and their affiliates in sourcing both the joint venture partner and the financing for the property.
“We are pleased to have assisted Samuels & Associates, Legacy Capital Partners and their affiliates in sourcing PEPF, managed by PrinREI, as the joint venture partner for The Launch at Hingham Shipyard. This joint venture is an ideal partnership, combining premier local expertise with an exceptional institutional platform. After running a competitive marketing process for the permanent financing, we identified MetLife as the lender, which was able to provide highly competitive financing terms and rate lock ahead of the scheduled closing date,” said Juszczyszyn.
The Launch at Hingham Shipyard is a 245,000 s/f waterfront destination mixed-use center that is currently 95% leased. Samuels & Associates built the Launch in 2009 as a part of a master plan for Hingham Shipyard. Comprised of shopping, dining, entertainment and luxury living, the Shipyard currently includes a 235-unit apartment complex and a 150-unit for-sale townhome development, with more housing units planned for the near future.
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