Salem's Loring Towers Set For $38M Renovation For 250 Housing Units

SALEM, MA — The 250-unit Loring Towers housing community in Salem will soon undergo a $38 million renovation designed to overhaul each apartment in the 50-year-old complex.

The multi-phased renovation is expected to be completed by 2028 and will extend long-term affordability at the property to 2056. Loring Towers was built in 1974.

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Planned apartment upgrades include updated kitchens with new appliances and countertops, renovated bathrooms with new bathtubs, sinks and vanities, new flooring and paint, and upgraded electric panels.

The lobby, community room and management offices are also slated for renovation.

Broader property work will include replacement of the roof and plumbing, a new security system, new HVAC systems, and new windows and elevators.

The parking lot will be repaved and will include a new solar carport structure.

The rehabilitation plan also includes a basketball court and a new children's playground through Related Affordable's partnership with KABOOM!, a national nonprofit. The court and playground will be designed with resident feedback to reflect neighborhood 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, which is providing financing for the project. "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."

Related acquired Loring Towers in 2018 and then said it made investments to address urgent property needs, including critical repairs and extending affordability protections. It also said the company added programming and services requested by residents, including tax preparation assistance, educational scholarships, food security services and community partnerships.

"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.”

MassHousing is providing the financing through a tax-exempt construction-to-permanent loan. Additional funding includes federal Low Income Housing Tax Credits allocated by the Massachusetts Executive Office of Housing and Livable Communities.