Boston & New England CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Related Beal Plans Complete Upgrade, Renovation of Salem Affordable Housing
Related Beal, Related Affordable, The Commonwealth of Massachusetts and MassHousing announced a complete upgrade and renovation of the Loring Towers affordable housing community built in Salem in 1974. With financing secured, Related will begin a comprehensive, multi-phased renovation of the 250-unit property in August, extending long-term affordability to 2056.
The $38-million renovation, expected to be completed by 2028, will include in-unit upgrades and renovations to common areas. The rehabilitation plan also includes installing a basketball court and a new children’s playground through Related Affordable’s long-term partnership with national nonprofit KABOOM!
“At Loring Towers, we’re not just renovating apartments and replacing infrastructure – we’re making a long-term commitment to the Salem community and the families who call Loring Towers home,” said Kimberly Sherman Stamler, president of Related Beal. “We are proud to be working in partnership with residents, MassHousing and the Healey Administration to reimagine Loring Towers and to preserve and expand affordability long into the future.”
- ◦Development
- ◦Financing
