SALEM, MASS. — WinnDevelopment has secured financing for a 115-unit, $48 million mixed-income community in Salem. The Exchange Salem will be a transit-oriented project, built adjacent to Salem’s Massachusetts Bay Transportation Authority (MBTA) commuter rail station. The seven-story ground-up development is being erected on the site of a former municipal parking lot overlooking the mass transit station and parking garage.
The Exchange will comprise studios, one- and two-bedroom apartments, about half of which will be affordable to renters earning up to 60 percent of area median income (AMI). Remaining units will be a mix of market-rate with some rent restricted at 30 percent of area median income. The project is being financed through about 25 sources, including state and federal 4 and 9 percent Low-Income Housing Tax Credits.
Massachusetts-based Cube 3 is the architect for project, with Windover Construction serving as general contractor. VHB is providing engineering services. Construction is slated for completion in early in early 2028.