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Salem Towers

Malden, Massachusetts

Salem Towers – Malden, Massachusetts

Property

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.

Financing

$8,650,000 fixed rate tax-exempt bonds providing construction and permanent mortgage capital.

Description

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.