Salem, MA Rockland Trust led a financing package of $61 million to Preservation of Affordable Housing (POAH) for the redevelopment of their affordable housing apartment building, Salem Heights. The project will consist of substantial renovations to the low-income residential property comprising 281 rental units across the property’s two-building high-rise campus. Salem Heights was modestly renovated in 2003 when POAH acquired the property.
“Rockland Trust is honored to partner with Preservation of Affordable Housing,” said Heidi Yates, vice president of commercial lending at Rockland Trust. “This transaction reflects the bank’s commitment to local communities, not only by providing the funds to redevelop affordable housing units, but also by supporting POAH’s mission of preserving and sustaining affordable, healthy homes for all.”
Rockland Trust provided a $22.6 million construction loan of the total $61 million financing package. Eastern Bank and East Boston Savings Bank were also participants in the transaction.
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