HFF arranges $25 million construction loan for multi-housing development in Boston’s northwest suburbs

Construction site for planned 200-unit Princeton Westford Apartment Homes, Westford, MA

Lauren O'Neil

BOSTON, MA – HFF announced today that it has arranged a $25 million construction loan for the development of Princeton Westford Apartment Homes, a 200-unit, garden-style multi-housing development in Westford, Massachusetts.

                HFF worked exclusively on behalf of the borrower, an affiliate of Princeton Properties & Guggenheim Real Estate LLC, to secure the three-year, floating-rate construction loan through First Niagara Bank’s Boston office.  The loan has two one-year extension options.

                Princeton Westford Apartment Homes is located on 90 acres at 16 Littleton Road in Westford, a northwest suburb of Boston.

 Due for completion in 2014, the property will feature four different floor plans of one- and two-bedroom units averaging 1,128 square feet each.

 Each apartment will have granite countertops, under mount dual-bowl kitchen sinks, gooseneck faucets, and espresso stained wood cabinetry. Community amenities will include a 3,800-square-foot clubhouse offering fitness, business and social centers with a resort-style pool and play area. 

Riaz A. Cassum

There will be private garages available for lease and surface parking. The development also has the potential for a 6,000-square-foot retail building along the access driveway housing a farmer’s market-style tenant. 

The property is close to State Route 110, Interstate 495, Nashoba Valley Ski Area, Kimball Farm, and Great Brook Farm State Park, which offers 1,000 acres for hiking, biking, horseback riding, canoeing and fishing.  It is also situated within three miles of one million square feet of office space with firms such as Red Hat, IBM, Netscout and Juniper Networks.

                The HFF team representing the borrower was led by senior managing director Riaz Cassum and director Lauren O’Neil.

                “Princeton and Guggenheim are building an exciting project in a strong market that has seen little new supply,” said O’Neil.  “The attractive financing provided by First Niagara will ensure a quick and timely completion, with the project delivering at the perfect time in the cycle.”

                Founded in 1973 by James Herscot, Princeton Properties of Lowell, Massachusetts acquires, builds, renovates, leases and manages apartment communities and corporate furnished apartments.  Currently, Princeton Properties owns and manages more than 6000 apartment homes for rent in Massachusetts, New Hampshire, Maine and Georgia.

James Herscot

                Guggenheim Real Estate, founded in 2001, invests across a wide spectrum of the real estate market including: direct real estate investments, REIT securities, private funds, secondary market funds and partnership units, preferred equity and mezzanine debt financing, and commercial mortgage backed securities.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

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krmurphy@hfflp.com