A total of 11 of the 14 multifamily assets in the Princeton Portfolio are located in Massachusetts.
LOWELL, MA—Locally-based Princeton Properties Management has secured $164 million in funding to refinance its 14-property Princeton Portfolio located in Greater Boston and suburban New Hampshire.
The refinancing deal was announced by PGIM Real Estate Finance, which provided a $164-million Fannie Mae loan to Lowell-based Princeton Properties Management.
A total of 11 of the assets are located throughout Middlesex County, Essex County and Worcester County, MA, with the remaining three assets located in Keene, NH. The Massachusetts properties are all within submarkets where subclass vacancy rates are below 5%. The Princeton Portfolio totals 1,620 housing units.
Princeton Properties has owned each of the properties in the portfolio for 15 years. The firm, which was founded in 1973, has a portfolio of more than 6,500 apartments throughout Massachusetts, New Hampshire and Maine.
“PGIM Real Estate Finance's experience, industry knowledge and professionalism were instrumental to the successful closing of this major refinancing,” said Howard Reef, chief financial officer of Princeton Properties. “The overall terms were exceptional and perfectly aligned with Princeton's strategic, long-term debt criteria. Fannie Mae's support of the Princeton platform is extremely rewarding.”
Brian Salyards, principal, Multifamily Origination at PGIM Real Estate Finance, said “This transaction represents our ability to navigate complex deals involving multiple loans and properties, while simultaneously strengthening our relationship with a repeat PGIM client that has strong financial wherewithal. Additionally, 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.”
PGIM Real Estate Finance is the commercial mortgage finance business of PGIM Inc., the $1 trillion global investment management business of Prudential Financial, Inc.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
