Related to Begin Comprehensive $38 Million Renovation of Loring Towers in Salem, Massachusetts

SALEM, MA, July 14, 2026 – Related Beal together with Related Affordable, The Commonwealth of Massachusetts, and MassHousing today announced a complete upgrade and renovation of the Loring Towers affordable housing community built in Salem 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).

About Related Beal

Related Beal is a fully integrated real estate firm focused on development and investment opportunities in Boston and its surrounding areas. The firm has expertise across all asset classes including residential, commercial, hospitality, retail, life science, and mixed use. Related Beal has developed and is undertaking the development of some of the most recognized buildings in the area including The Clarendon / One Back Bay, Lovejoy Wharf, The Beverly, The Quinn & The Harris, Congress Square, One Kenmore Square, Innovation Square, and Channelside. The firm is the Boston office of Related Companies, the most prominent privately-owned real estate firm in the United States, and one of the largest developers and preservationists of affordable and workforce housing in the country.

About Related Affordable

Related Affordable is the affordable housing division of Related Companies, dedicated exclusively to the development, ownership, and management of high-quality affordable housing communities nationwide. While Related Companies operates across a broad range of real estate sectors, Related Affordable is singularly focused on advancing affordable housing through deep industry expertise, a people-first approach, and the strength and resources of its parent company.

Affordable housing is foundational to Related Affordable's identity and legacy. As part of the Related Companies family, this mission has been central since the company's inception and continues to guide its work today. Related Affordable currently operates in 25 states, with a portfolio of more than 300 communities, over 44,000 apartment homes, and more than 100,000 residents served nationwide.

About MassHousing

MassHousing (The Massachusetts Housing Finance Agency) is an independent, financially self-sustaining agency created in 1966 to confront the Commonwealth's housing challenges. The Agency provides financing to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve rental housing. MassHousing uses housing finance to strengthen communities, to help people build economic prosperity, and to expand homeownership. Since its inception, MassHousing has provided more than $30 billion to support homeownership and rental housing opportunities across Massachusetts. For more information, visit www.masshousing.com. 

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