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Rockland Trust Finances Renovations to Salem High-Rises

Jul 23, 2021 | Reprints | Unlock Link

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Photo courtesy of Rockland Trust Co.

A $61 million financing package led by Rockland Trust Co. will be used to renovate 281 units of affordable housing in Salem.

Rockland Trust provided a $22.6 million construction loan for the project at the two-building Salem Heights high-rise which is owned by Preservation of Affordable Housing (POAH). The bank also purchased federal low-income housing tax credits, in a partnership with Boston Financial Investment Management, providing equity to fund the project.

Eastern Bank, East Boston Savings Bank and Peoples Bank also purchased federal tax credits.

Units in the complex at 12 Pope St. are restricted to households earning from 30 to 60 percent of area median income.

B&T Daily