Weekly Real Estate News
Summary
WinnDevelopment secured financing for The Exchange Salem, a $48 million, 115-unit transit-oriented mixed-income development next to Salem’s commuter rail station.
WinnDevelopment has secured financing for The Exchange Salem, a $48 million, 115-unit mixed-income apartment development next to the MBTA commuter rail station in Salem, Massachusetts.
According to WinnCompanies, the seven-story project will rise on a former municipal parking lot and include studios, one-bedroom and two-bedroom apartments.
Project combines affordable and market-rate housing
Of the 115 apartments, 55 will serve households earning up to 60% of area median income, 22 will be available at incomes up to 30% of AMI, 20 will target middle-income households and 18 will rent at market rates.
The development uses approximately 25 financing sources, including state and federal 4% and 9% Low-Income Housing Tax Credits. Cube 3 is the architect, Windover Construction is the general contractor and VHB is providing engineering services.
Construction is expected to be completed in early 2028.
The Exchange Salem is notable both for its financing complexity and its transit-oriented location, adding mixed-income housing directly adjacent to regional rail service in a supply-constrained Massachusetts market.
