Congresswoman Niki Tsongas tours River Place Towers in Lowell, MA

LOWELL, Mass. - Nov. 5, 2014 - PRLog -- River Place Towers, owned and managed by Lowell-based Princeton Properties, is a 448-unit low income housing community that is in the final stages of a $7.6 million dollar capital rehabilitation project funded through the Massachusetts Housing Finance Agency.   Princeton Properties CEO, Andrew Chaban, recently had the opportunity to give Congresswoman Niki Tsongas, Lowell City Manager Kevin Murphy and Lowell Deputy Director Kevin Coughlin a tour of the community to review the exciting improvements.

This site realized extensive enhancements including new roofs, fitness and community rooms, playground, boilers, award-winning cogeneration equipment to reduce energy costs as well as a $1.2 million dollar spend on elevator improvements.    75% of the apartments within River Place Tower were outfitted with new handicap adaptable kitchen’s featuring upgrades such as wood flooring and wood cabinetry.

River Place Towers was acquired out of foreclosure by Princeton Properties and syndicated by The Related Company (now Centerline) in 1996.   On November 15, 2013 after successfully providing affordable housing for the multi-year compliance period, Princeton Properties resyndicated the property using 4% tax credits and tax exempt bonds with the syndicator of City Real Estate Advisors (CREA).  "This has been quite a success story for workforce housing in the region." said Andrew Chaban.  For more information about River Place Towers, 1 River Place, Lowell MA please visit www.riverpl.com or call 978-459-4433.