MassDevelopment Provides $45 Million Loan For Leefort Terrace Redevelopment In Salem, MA

The asset involved in the transaction is a development site for the redevelopment of Leefort Terrace in Salem, MA. The site will expand the existing affordable housing complex from 50 to 124 units, specifically reserved for renters earning 30-60% of the area median income. The loan amount for this project is $45,000,000, which was issued as tax-exempt bonds.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $45,000,000
• Lender: MassDevelopment
• Landlord: Salem Housing Authority

The redevelopment project is being facilitated by MassDevelopment as the lender, with an emphasis on increasing affordable housing availability in the Salem area. The involvement of Salem Housing Authority as the landlord illustrates a commitment to supporting the housing needs of low to moderate-income renters in the region.