LOWELL, MA-Centerline Capital Group has provided a $108.2-million loan facility to Princeton Properties, based here, to refinance a 14-property multifamily portfolio located in New England, Centerline said Tuesday afternoon. The Princeton Portfolio is comprised of apartment buildings located throughout Massachusetts and New Hampshire, including facilities in Lowell, Dracut, Lawrence, Worcester, Marlborough and Methuen, MA; and Keene, NH.
The properties in this portfolio make up a total of 1,615 apartment units. They include Colony Park, Hadley Park, Imperial Gardens, Princeton Boulevard 670, Princeton Park and Westford Park, all in Lowell; Princeton Place, Worcester; Princeton Reserve, Dracut; Lowell Arms, Metheun; Princeton at Mt. Vernon, Lawrence; Princeton Green in Marlborough; and Princeton Arbors, Princeton at Mill Pond and Princeton Westwood in Keene.
In a release, Paul Donahue, managing director in the mortgage banking group at New York City-based Centerline, heaps praise on Princeton Properties. “The borrower is an experienced owner and operator who has successfully managed a wide variety of local multifamily properties,” he says, adding that the properties are located in “markets with solid real estate fundamentals with a strong demand for multifamily housing, and have experienced historically strong occupancy rates.”
Donahue also elaborates on Centerline's role in the offering. “These factors made this a solid deal for Centerline,” he says. We were able to simultaneously secure the loans for all 14 properties in the portfolio to best meet the needs of the sponsor.”
At Princeton, CEO Howard Reef says the company is “extremely pleased with the refinancing execution provided by Centerline's very experienced team. The exceptional terms and lower interest rates provide great benefits to our company.”
The loan proceeds—all 10-year, interest only loans—will be used to pay-off existing Freddie Mac portfolio loans. Princeton Properties specializes in apartments and furnished suites. It manages more than 6,000 apartment units in properties located in Georgia, Maine, New Hampshire and Massachusetts.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
