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WEYMOUTH, MA-A first mortgage in the amount of $14.67 million was secured for the development of Riverway Plaza, a 250,000-sf strip center. PS Weymouth, LLC, a joint venture of Packard Development and Samuels & Associates, is building the center.

Meredith & Grew, Inc./Oncor International’s executive vice president David M. Douvadjian and assistant vice president Thomas F. Welch of Meredith & Grew’s finance and capital markets group procured the financing early in the construction period to ensure takeout of a bank construction loan.

Riverway Plaza is a teardown redevelopment of the former Harborlight Mall. The project is anchored by a Lowe’s Home Centers Inc. and among its other major tenants are Staples, Applebee’s, and Papa Gino’s, all of whom built their own structures. Linens N Things is also a major tenant on the site. Peabody Construction rebuilt the balance of the site.

The Plaza is located on Route 3A about 12 miles southeast of Boston. The nearby Hingham Shipyard is slated for a large multi-use redevelopment and currently serves as a high-speed ferry terminal with service to Downtown Boston and Logan International Airport.

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