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Banking and Finance

Princeton Properties secures $164M to refinance multifamily portfolio

PGIM Real Estate Finance has provided a $164 million Fannie Mae loan for the refinancing of the Princeton Portfolio, a 14-property multifamily portfolio spanning the Boston metropolitan area and suburban New Hampshire.

PGIM Real Estate Finance is the commercial mortgage finance business of PGIM Inc., the $1 trillion global investment management business of Prudential Financial, Inc..

“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,” said Brian Salyards, principal, Multifamily Origination at PGIM Real Estate Finance.

“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.”

Consisting of 1,620 apartments in total, 11 of the assets are located throughout Middlesex County, Essex County and Worcester County, Massachusetts, with the remaining three assets located in Keene, New Hampshire.

The Massachusetts properties are all within submarkets where subclass vacancy rates are below 5 percent.

The sponsor, Princeton Properties, is a long-term multifamily investor and has owned each of the properties in the portfolio for 15 years. The company has been nationally recognized for excellence in property development, management and rehabilitation.

“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.”

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