Image courtesy of Related Beal
Families at Salem’s Loring Towers will get access to expanded recreation space as developer Related Beal begins a $38 million renovation project.
In a partnership with a national nonprofit, the Boston-based developer will install a basketball court and new playground at the 250-unit property on Loring Avenue.
Bethesda, Maryland-based KABOOM has a longtime partnership with Related Beal and is focused on ending playspace inequity. Comments from residents of the Salem property will be used to shape designs, Related Beal announced.
The recreation project is part of a property-wide renovation scheduled for completion in 2028.
All units will be updated with new kitchens, bathrooms and appliances. A solar array-topped roof will be installed in the parking lot. Building envelope and systems will be updated with a new roof, security and HVAC systems and new windows and elevators.
The project will take place in phases, following Related Beal’s recent completion of a financing package extending the property’s affordability through 2056. The tower was completed in 1974, and acquired by Related Beal in 2018.
MassHousing provided a $55.7 million mortgage on July 1. The agency awarded a tax-exempt construction-to-permanent loan. Additional funding was provided by low-income housing tax credits issued by the Massachusetts Executive Office of Housing and Livable Communities.
Image courtesy of Related Beal
