South Shore Place, a proposed mixed-use development consisting of a hotel and 46,200 square feet of retail on the site of the Sheraton Hotel in Braintree, has secured $24 million in construction/permanent financing arranged by Holliday Fenoglio Fowler (HFF).

HFF worked on behalf of Carpenter & Co. Inc. and BayNorth Capital LLC 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.

The hotel is located at 37 Forbes Road, adjacent to Interstate 93/Route 128 and the South Shore Plaza and approximately 10 miles south of Boston. 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, according to a statement.

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."