Related Beal and Related Affordable, working with the Commonwealth of Massachusetts and MassHousing, are preparing a full upgrade and renovation of the Loring Towers affordable housing community in Salem. Originally constructed in 1974, the property consists of 250 income-restricted apartments. With financing in place, Related plans to launch a comprehensive, multi-phased renovation program in August that is designed to extend the long-term affordability of the community through 2056.
The planned work is structured as a $38 million rehabilitation that is expected to run through 2028. The scope includes in-unit upgrades for residents as well as improvements to shared common areas across the property. The modernization effort is intended to address aging building systems and interior finishes while keeping the development in service as regulated affordable housing for decades.
As part of the renovation plan, Related Affordable will also enhance resident amenities and outdoor space. The project calls for the installation of a basketball court and a new children’s playground. These elements are being delivered through Related Affordable’s long-term national partnership with KABOOM!, a nonprofit organization focused on expanding access to quality play spaces in underserved communities.
Project partners are positioning the Loring Towers work as both a physical and long-term contractual reinvestment in the community. By combining a major capital improvement program with extended affordability protections, the stakeholders aim to preserve an existing stock of regulated multifamily units rather than risk conversion to market-rate housing. The renovation timeline, phased over several years, is structured to allow upgrades while maintaining the property’s role as an occupied affordable community.
Kimberly Sherman Stamler, president of Related Beal, framed the initiative as a multi-decade commitment to the residents of Loring Towers and the broader Salem community. She emphasized that the effort goes beyond infrastructure replacement to a broader reimagining of the property, undertaken in collaboration with residents, MassHousing and the Healey Administration. The focus on preserving and expanding affordability underscores the role of public-private partnerships in maintaining aging affordable housing inventory in supply-constrained markets.
The combination of state involvement, mission-driven capital and a structured rehabilitation plan at Loring Towers highlights how existing multifamily assets are being repositioned to meet long-term affordability objectives. For stakeholders in the affordable housing sector, the project illustrates a model in which recapitalization, extended regulatory agreements and targeted amenity upgrades are used to stabilize and preserve older communities while minimizing displacement risk for current residents.
