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Multi-Site New Hampshire Seniors Development Secures $44M Financing
Eastern Bank provided financing for a multi-site affordable senior housing development in four New Hampshire communities: Tamworth, Bethlehem, Manchester and Pelham. The Community Development Lending team advising this transaction was led by SVP, commercial group director of community development lending Yongmei Chen and VP, community development lending team leader Angela Meehan.
Sponsored by Housing Initiatives of New England Corporation, the financing will support rehabilitation of 122 affordable senior housing units and construction of 28 new units for moderate-income seniors. Eastern is providing $28.3 million in construction financing and $15.7 million in permanent financing, structured through a tax-exempt bond issuance by New Hampshire Housing and supported by Low-Income Housing Tax Credits.
“Eastern Bank’s financing of this project enables the preservation and expansion of affordable senior housing in four New Hampshire communities at a time when access to affordable housing remains a critical need across our region,” said Cyndy Taylor, president of Housing Initiatives of New England.
- ◦Financing
