Related Beal to complete a $38 million renovation to Loring Towers in Salem, MA

Salem, MA Related Beal together with Related Affordable, The Commonwealth of Massachusetts, and MassHousing announced a complete upgrade and renovation of the Loring Towers affordable housing community built in 1974. With financing secured, Related will begin a comprehensive, multi-phased renovation of the 250-unit property in August 2026 that will deliver lasting improvements to resident homes and extend long-term affordability to 2056.

The $38 million renovation, expected to be completed by 2028, will include in-unit upgrades such as updated kitchens with all-new appliances and countertops; fully renovated bathrooms with new bathtubs, sinks, and vanities; new flooring and paint; upgraded electric panels; and more. The lobby, community room, and management offices will be renovated; the parking lot will be repaved and will include a new solar carport structure. Broader property updates will include complete replacement of the building’s roof and plumbing, an improved security system, new HVAC systems, and new windows and elevators. The rehabilitation plan also includes the installation of a basketball court and a new children’s playground through Related Affordable’s long-term partnership with KABOOM!, the national nonprofit dedicated to ending playspace inequity. The court and playground will be designed in collaboration with resident feedback to reflect the neighborhood’s unique needs and priorities.

“At Loring Towers, we’re not just renovating apartments and replacing infrastructure – we’re making a long-term commitment to the Salem community and the families who call Loring Towers home,” said Kimberly Sherman Stamler, president of Related Beal. “We are proud to be working in partnership with residents, MassHousing and the Healey Administration to reimagine Loring Towers and to preserve and expand affordability long into the future.”

“MassHousing is excited for the residents of Loring Towers who will soon see significant improvements to their apartments and the overall property,” said Chrystal Kornegay, CEO of MassHousing. “We are pleased to work with Related Companies and our state and city partners to ensure that this longstanding housing community continues to provide quality, affordable rental homes for the people who live there.” 

“As the Healey-Driscoll Administration works to increase housing production and bring down costs across the state, we’re also working to preserve the affordable homes we already have, like the apartments at Loring Towers,” said Juana Matias, secretary of Housing and Livable Communities for Massachusetts. “We’re proud to support this comprehensive renovation, which will preserve and modernize 250 affordable homes in Salem.”

After acquiring Loring Towers in 2018, Related made significant investments to address the property’s most urgent needs, including extending affordability protections and completing critical repairs, while working towards this comprehensive renovation. This includes offering new programming and services tailored to resident requests and needs such as tax preparation assistance, educational scholarships, food security services, community partnerships, and more.

MassHousing is providing financing through a tax-exempt construction-to-permanent loan. Additional sources of funding include the allocation of federal Low Income Housing Tax Credits by the Massachusetts Executive Office of Housing and Livable Communities (EOHLC).