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The site for Princeton Crossroads is on the county's largest undeveloped commercial tract, and will include a city hall and park, a retail center, a multifamily project, 333 single-family homes and 166 townhomes.
The assets totaling 26,923 square feet were sold for approximately $7.46 million, which afforded the company to pay down $4.5 million of property-level debt and $1.6 million of its Revere loan.
Blanda relates that the prospects of higher rates will prompt some senior property owners, particularly nursing homes, to lock in long-term rates before further rate hikes.