WinnCompanies Lines Up Financing for Mixed-Income Salem TOD
WinnCompanies has secured financing for a 115-unit, mixed-income apartment building designed to revitalize the northern gateway to downtown Salem, MA. To be named The Exchange Salem, the seven-story building will be erected on the site of a former municipal parking lot overlooking the city’s mass transit station and parking garage.
The $48-million construction project will offer 20 studios, 60 one-bedroom units and 35 two-bedroom units. Of the 115 apartments, 55 will be available to households earning up to 60% of Area Median Income; 22 will be available at incomes up to 30% AMI; 20 will serve middle-income households; and 18 will be rented at market rates.
“This project will deliver long-held public and economic goals for the City of Salem, creating housing local workers can afford and improving the public realm connecting North Salem and the city’s downtown,” said WinnDevelopment president Adam Stein. “This milestone is truly result of a team effort, and we are grateful to all the public and private partners who persevered alongside us.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout