Hingham Shipyard Lands $60M Mortgage

HINGHAM, MA-CBRE/New England's Boston-based Debt & Equity Finance team has secured $60 million in first mortgage financing from Jefferies LoanCore for Samuels & Associates' Launch at Hingham Shipyard here. The 246,000-square-foot mixed-use project was developed on the site of a shipyard that built and launched more than 200 US Navy ships during the Second World War.

“The Launch at Hingham Shipyard has benefited from recent successes following the announcement of a new Trader Joe's store and Union Fish seafood restaurant,” says Kyle Juszczyszyn, SVP with CBRE/NE, in a release. “The strong sponsorship and quality of the asset created a very competitive selection process. We look forward to building on the success of this complex transaction with some of our upcoming assignments.” Juszczyszyn and his CBRE/NE colleagues, Carlos Febres-Mazzei and Josh Klimkiewicz, negotiated the transaction on behalf of Samuels & Associates.

The developer broke ground on the Hingham Shipyard redevelopment in 2006 and opened the first phase of in the spring of 2010. When completed, it will encompass 217,084 square feet of retail, 28,682 square feet of office space and a 94-unit residential condominium called the Moorings, now under development. Anchor tenants include Fresh Market, Old Navy, Bed Bath & Beyond, Patriot Cinemas and Trader Joe's, now under construction.

Samuels currently claims a portfolio of three million square feet across Massachusetts and Connecticut, primarily in the Boston area. Among these is the one-million-square-foot Fenway Triangle Trilogy in Boston.