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WinnCompanies secures financing for 115-unit Salem mixed-income project
The $48 million build, The Exchange Salem, will include 20 studios, 60 one-bedroom units, and 35 two-bedroom apartments.
WinnCompanies has secured financing for a 115-unit, mixed-income apartment building in Salem, Massachusetts, a project intended to revitalize the northern gateway to downtown, according to ConnectCRE.
The development, to be named The Exchange Salem, will be built on the site of a former municipal parking lot and will be a seven-story property overlooking the city’s mass transit station and parking garage.
ConnectCRE reports the $48 million construction will deliver 20 studios, 60 one-bedroom units, and 35 two-bedroom units, with 55 apartments reserved for households earning up to 60% of Area Median Income.
Of the remaining homes, 22 will be for households earning up to 30% of AMI, 20 will target middle-income renters, and 18 will be rented at market rates.