Case Studies

Hinckley Allen Secures Complex Financing Package for Construction of Medical Campus at Rock Row in Westbrook Maine

In a remarkable display of legal acumen, Hinckley Allen successfully closed a highly intricate financing transaction, marking an exciting moment for long-time client Waterstone Properties Group. The over $100 Million financing will help facilitate the construction of a 200,000 square foot medical campus as part of the Rock Row project in Westbrook, Maine.

Rock Row is a multi-phased experiential mixed-use project in Westbrook Maine. Throughout Rock Row’s development, Hinckley Allen has provided strategic advice on the project structure allowing for the phased development of a fully integrated, master-planned project with the opportunity for separate financing on each phase. Additionally, the firm has assisted with real estate acquisitions, construction, and project leasing, including leases for the first six tenants who will occupy the medical office building. New England Cancer Specialists, an affiliate member of the Dana-Farber Cancer Institute, is the anchor tenant for the medical office building.

The financing package included:

$52.5 Million Construction Loan
$35.0 Million Mezzanine Loan
$20 Million Tax Increment Financing proceeds

Over the span of nine months, the legal team faced a multitude of twists, turns, and high-stakes negotiations in a very challenging lending climate. Despite the persistent challenges, the Hinckley Allen team maintained an unwavering focus throughout the process. Hinckley Allen professionals from across practice groups collaborated seamlessly on this matter, displaying exceptional teamwork and collective determination.

The closing process required constant vigilance with each resolved issue giving rise to new challenges, requiring nimble and strategic legal maneuvering. At the eleventh-hour, when an issue involving the lender’s title insurance company arose, our team was able to expertly resolve the matter ensuring the deal’s continuity.

Waterstone Properties Group expressed praise and appreciation for Hinckley Allen’s exceptional performance. Josh Levy, a principal of Waterstone stated, “Hinckley Allen was with us shoulder to shoulder from start to finish. Their excellent work and round the clock commitment demonstrates the firm’s resilience, legal prowess, and dedication to client success in high-stakes situations. We look forward to continuing this successful partnership on future endeavors.”