Eastern Bank provides financing for multi-site affordable senior housing development project

Tamworth, NH Eastern Bank is financing a multi-site affordable senior housing development in four New Hampshire communities — Tamworth, Bethlehem, Manchester and Pelham. Sponsored by Housing Initiatives of New England Corp., 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.

The Community Development Lending team advising this transaction was led by senior vice president, commercial group director of community development Lending Yongmei Chen and senior vice president, community development lending team leader Angela Meehan.

“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.”

“Bringing together the financing of four properties requires a thoughtful, collaborative approach from start to finish,” said Chen. “We are proud to support Housing Initiatives of New England in advancing affordable housing for seniors in New Hampshire, and to work with New Hampshire Housing to purchase a bond to enable this kind of construction.”

Eastern provides a range of community development financing offerings to fund affordable housing development and support the credit needs of nonprofits. Community development lending solutions include construction and real estate financing, working capital lines of credit, multi-layered leverage loans for both New Market and Low-Income Housing Tax Credit projects, tax-exempt bond financing, and highly sophisticated treasury services and deposit products.