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Eastern Bank backs $44M plan for affordable senior housing in New Hampshire
The funding combines $28.3 million in construction financing with $15.7 million in permanent financing, backed by tax-exempt bonds and Low-Income Housing Tax Credits.
Eastern Bank is providing $44 million in financing for a multi-site affordable senior housing development across four New Hampshire communities, including Tamworth, Bethlehem, Manchester, and Pelham, according to ConnectCRE.
The project, sponsored by Housing Initiatives of New England Corporation, will support rehabilitation of 122 affordable senior housing units and construction of 28 new units for moderate-income seniors.
Eastern Bank’s Community Development Lending team advised the transaction, led by SVP Yongmei Chen, commercial group director of community development lending, and VP Angela Meehan, community development lending team leader.
The financing is structured through a tax-exempt bond issuance by New Hampshire Housing and supported by Low-Income Housing Tax Credits, with ConnectCRE noting it aims to preserve and expand affordable senior housing as regional demand remains high.