NASHUA, NH-Princeton Properties is refinancing a $19.6 million Fannie Mae bond credit enhancement for their property Pheasant Run. The original loan was fully amortizing, but the refinancing coverted the loan to provide 10 years of interest-only payments. Deutche Bank Berkshire Mortgage secured the refinancing, having underwritten the original loan from Fannie Mae in 2004.

Brian Salyards, vp at DBBM says, in a statement, “reflecting the strength of the borrower, property condition and strong property performance, we were able to approve 10 years of interest only payments in order to preserve the value of the existing tax exempt and taxable bonds. The new loan structure ensure an appropriate amount of leverage while keeping balloon risks at maturity to a minimum.”

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