Salem Towers is an 81-unit HAP Senior affordable housing property located in Malden, Massachusetts. The Property, built in 1962 is the oldest non-profit owned elderly housing development in New England.
$8,650,000 fixed rate tax-exempt bonds providing construction and permanent mortgage capital.
Red Stone directly purchased $8,650,000 of fixed rate tax-exempt multifamily housing bonds through a private placement structure. The proceeds were utilized in a 4% Acquisition/Rehab transaction to finance a major rehabilitation of over $87,000 per unit. The renovated property was awarded the Charles L. Edson Tax Credit Excellence Award for Senior Housing in 2011.