|Sheraton Braintree rendering|
HFF has arranged a $24 million construction/permanent loan for South Shore Place, a mixed-use development consisting of a 200-key Hyatt Place Hotel and 46,200 square feet of retail shops to be developed on the site of the former Sheraton Braintree Hotel in Braintree, Mass.
HFF worked on behalf of Carpenter & Company and BayNorth Capital to secure the two-year loan with a five-year extension option through Cambridge Savings Bank and Brookline Savings Bank. HFF previously arranged a joint venture between Carpenter and BayNorth to acquire and redevelop the property in early 2010.
Ownership plans to demolish a portion of the existing hotel and redevelop it into a 200-key Hyatt Place Hotel and 38,200 square feet of new retail space to complement the existing 8,000-square-foot restaurant space.
The HFF team representing the Carpenter/BayNorth joint venture included senior managing director Riaz Cassum and director Lauren O'Neil.
"The proposed development will completely transform the current site into a vibrant mixed-use development with a state-of-the-art hotel, restaurants and retail stores," said Cassum. "South Shore Place is going to maximize the value of what has always been a terrific location for the proposed combination of uses."