New England Portfolio Secures $164M Refi
- May 06, 2019
Princeton Properties has secured a $164 million Fannie Mae portfolio loan for 14 residential properties totaling 1,620 units and spread across the Boston metropolitan area and suburban New Hampshire. PGIM Real Estate Finance originated the loan, which will be used to retire existing financing.
The portfolio comprises 11 properties located in Middlesex, Essex and Worcester counties, Mass., and three in Keene, N.H. The latter, consisting of Princeton Arbors, Princeton At Mill Pond and Princeton Westwood, received a total of $16.8 million in financing, per Cheshire County public records. Additionally, the Massachusetts assets are located in submarkets with a subclass vacancy rate of under 5 percent, according to PGIM. All the communities have been under Princeton Properties ownership for 15 years.
“The portfolio comprises well-maintained properties that are located in submarkets with strong apartment demand and the communities maintain near-full occupancy as a result,” said Brian Salyards, principal, multifamily origination at PGIM Real Estate Finance, in a prepared statement.
At the end of last year, Princeton Properties and Parse Capital received $23.6 million in affordable housing financing for Mill and 3 Apartments in Chelmsford, Mass. The recently built asset was refinanced through a MassHousing tax-exempt permanent loan.