Eastern Bank Provides Financing For Multi‑Site Affordable Senior Housing Development Project In New Hampshire
The project will preserve 122 affordable senior housing units and create 28 new homes for moderate‑income seniors in four communities
Eastern Bank is pleased to announce financing for a multi‑site affordable senior housing development in four New Hampshire communities—Tamworth, Bethlehem, Manchester and Pelham. Sponsored by Housing Initiatives of New England Corporation, a nonprofit developer and operator of high‑quality, affordable senior housing across New England, the financing will support the rehabilitation of 122 affordable senior housing units and construction of 28 new units for moderate‑income seniors. Eastern is providing $28.3 million in construction financing and $15.7 million in permanent financing, structured through a tax‑exempt bond issuance by New Hampshire Housing and supported by Low-Income Housing Tax Credits.
“Eastern Bank’s financing of this project enables the preservation and expansion of affordable senior housing in four New Hampshire communities at a time when access to affordable housing remains a critical need across our region,” said Cyndy Taylor, President of Housing Initiatives of New England. “Each property is unique, and with Eastern Bank’s financial support, we are able to reinvest in them in a coordinated way, ensuring they remain stable, sustainable and affordable for our senior residents well into the future. These transactions are sophisticated, and we sought a banking team experienced in effectively applying a range of resources, from tax-exempt bonds to Low-Income Housing Tax Credits; Eastern Bank’s Community Development Lending team took the time to understand the unique needs of our project and apply their extensive knowledge to create a well-structured financing transaction.”
