BOSTON – The CBRE/New England Debt & Structured Finance team sourced a joint venture partner, Principal Enhanced Property Fund LP, managed by Principal Real Estate Investors , and first mortgage financing in the amount of $43.9 million from MetLife, for The Launch at Hingham Shipyard at 18 Shipyard Drive in Hingham, Massachusetts.
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,” stated CBRE/NE’s Kyle Juszczyszyn.
The Launch at Hingham Shipyard is a ±245,000 square foot 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. In addition to anchors such as Trader Joe’s, Fresh Market, Old Navy, Patriot Cinemas and Bed Bath & Beyond, other tenants include Talbot’s, AT&T, Charming Charlie, Pure Barre, Menchie’s Frozen Yogurt, Muse Paintbar, Pathlight Capital and eSpace. The Launch at Hingham Shipyard is known for its numerous eating establishments, including television-famous Wahlburgers, Alma Nove, Boathouse Bistro, Zendo Asian Bistro & Lounge and Hingham Beer Works. The Launch is also home to the newly renovated port of the MBTA commuter ferry that connects to Rowes Wharf in downtown Boston, which services over 1,300 commuters daily.
“We are very pleased to have the opportunity to partner on The Launch. The center contains what consumers are seeking today in shopping centers; specifically, an aesthetically appealing property with a diverse mix of tenants covering the entertainment, dining, service, hard and soft good categories,” said Jim Halliwell, Managing Director – Acquisitions at PrinREI. “The mix of uses in conjunction with the surrounding water feature, walking trails and other amenities provides for a terrific experience and truly creates a “sense of place”. Samuels & Associates has done a fantastic job with this development and our team looks forward to working with them to create additional value to the center.”
Samuels & Associates, headquartered in Boston, Massachusetts, has been building communities for more than two decades. Pioneers in development, leasing and merchandising, and property management, the Samuels & Associates team specializes in creating mixed-use development projects with active pedestrian spaces, flexible and inspiring commercial spaces, and dynamic combinations of retailers and restaurateurs. Samuels & Associates is guided by the belief that people should live, work, shop and play in dynamic communities that inspire and enrich all aspects of their lives. Currently, Samuels & Associates has an outstanding portfolio of over 3.4 million square feet and an estimated $1.5 billion in retail and mixed-use project experience in the Greater Boston area.
PEPF is an open-end real estate investment vehicle for U.S. and non-U.S. investors sponsored and managed by PrinREI. PEPF was established in 2004 and is designed to pursue an enhanced strategy that seeks to invests in a nationally diversified portfolio of stabilized, income producing assets, plus value-added and development projects that can generate higher, risk-adjusted returns.