MassHousing yesterday closed a $16.1 million construction and permanent loan for the acquisition and renovation of River Place Towers in Lowell.

River Place Towers is being acquired by an affiliate of Lowell-based Princeton Properties. As a condition of the financing, all of the property’s 448 apartments will remain affordable for at least 30 years.

The financing will also support improvements to the property including building envelope improvements and waterproofing, roof replacement, modernization of elevators, new boilers and updates to kitchens and bathrooms.

River Place Towers, located at 1 and 3 River Place, consist of an 11-story building containing 120 one-bedroom apartments and two interconnected 22-story and 12-story buildings containing 128 one-bedroom apartments, 189 two-bedroom apartments and 31 three-bedroom apartments. The development was built in 1973 and 1974 and originally financed by MassHousing.

The contractor and management agent will be Princeton Properties Management Inc., and the architect is VMY Architects LLC.