HFF has arranged a $25 million construction loan for the development of Princeton Westford Apartment Homes in Westford.

HFF worked 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 a 200-unit, garden-style multi-housing development located on 90 acres at 16 Littleton Road. Construction of the development is due for completion in 2014. It will feature four different floorplans 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. 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. 

Lowell-based Princeton Properties acquires, builds, renovates, leases and manages apartment communities and corporate furnished apartments. Guggenheim Real Estate invests across a wide spectrum of the real estate market including direct real estate investments, REIT securities and commercial-mortgage backed securities.