WinnCompanies has obtained financing for a new mixed-income apartment project that is intended to help revitalize the northern gateway to downtown Salem, MA. The planned seven-story community, to be known as The Exchange Salem, will rise on the site of a former municipal parking lot that overlooks the city mass transit station and adjacent parking garage.
The development is planned to include 115 apartments, all within a single residential building. The unit mix will consist of 20 studios, 60 one-bedroom apartments and 35 two-bedroom apartments, reflecting a range of layouts geared toward different household sizes and needs.
The total construction effort is described as a $48 million project. While specific financing terms and lenders were not disclosed, the capital will support ground-up construction of the residential building on the infill site next to Salem’s transit facilities.
The Exchange Salem is designed as a mixed-income community with a detailed affordability program. Of the 115 apartments, 55 units are planned for households earning up to 60% of Area Median Income, and 22 units are reserved for households with incomes up to 30% of AMI. Another 20 apartments will be designated for middle-income households, while 18 units are expected to be offered at market-rate rents.
According to WinnDevelopment president Adam Stein, the project is intended to advance long-standing public and economic objectives for the City of Salem by expanding housing options that local workers can afford and enhancing the public realm that links North Salem with the city’s downtown core. He credited a broad group of public and private collaborators for helping the development move forward to this financing milestone.
The redevelopment of the former municipal parking lot into a residential property next to the mass transit station is positioned as a key component of Salem’s broader efforts to reinforce connections between neighborhoods and its central business district. With financing in place, the project marks a step toward delivering new income-restricted and market-rate housing near transit in an established urban location.
