Boston (September 30, 2026) – WinnCompanies, an award-winning national owner, developer and manager of high-impact apartment communities, today announced it has secured financing for a long-awaited, 115-unit, mixed-income apartment building designed to revitalize the northern gateway to downtown Salem, MA.

The $48 million construction project will deliver a true mixed-income community offering a range of affordability and apartment sizes – 20 studios, 60 one-bedroom units and 35 two-bedroom units. Of the 115 apartments, 55 will be available to households earning up to 60 percent of Area Median Income (AMI); 22 will be available at incomes up to 30 percent AMI; 20 will serve middle-income households; and 18 will be rented at market rates.

“This project will deliver long-held public and economic goals for the City of Salem, creating housing local workers can afford and improving the public realm connecting North Salem and the city’s downtown,” said WinnDevelopment President Adam Stein. “This milestone is truly result of a team effort, and we are grateful to all the public and private partners who persevered alongside us.”

To be named The Exchange Salem, the seven-story building will be erected on the site of a former municipal parking lot overlooking the city’s mass transit station and parking garage.

“This signature project will help Salem meet its housing needs through a mixed-income development directly adjacent to our commuter rail station, while also creating an opportunity to preserve and reuse our magnificent historic courthouses.” said Salem Mayor Dominick Pangallo. “It’s been a complex undertaking with many partners at the table, and I am deeply grateful to the Salem Redevelopment Authority, DCAMM, City staff, and the Winn team for their collaboration, creativity, and positive approach throughout the process. Together, we’re advancing a project that will deliver transit-oriented housing and help protect an important part of Salem’s historic character for future generations.”

The project originated from a 2019 Request for Qualifications issued by the Salem Redevelopment Authority (SRA) after the agency led a multi-year community engagement process. WinnDevelopment won the competitive selection process in November 2020.

“This milestone reflects years of planning and partnership to transform a key area of downtown Salem,” said Tom Daniel, Executive Director of the Salem Redevelopment Authority. “What began as a vision to preserve and breathe new life into Salem's historic courthouses has grown into a comprehensive redevelopment effort that will create mixed-income housing, improve connections between North Salem and downtown, and strengthen this important part of the city for generations to come. We are grateful to our state and local partners, community stakeholders, the SRA Board, and WinnDevelopment for helping bring this project to fruition.”

Simultaneously, WinnDevelopment is launching the rehabilitation of two historic 19th-century courthouse buildings located across the street, in preparation for their upcoming adaptive reuse. Adhering to stringent guidelines, Windover Construction will begin work on the exteriors of both the former Salem Superior Court Building, built in 1841, and the adjacent former County Commissioners Building, built between 1861 and 1891.

The WinnDevelopment team, led by Senior Project Directors Hagop Toghramadjian and Lauren Canepari, secured funding for The Exchange Salem from 25 different types of public and private financing. Construction is expected to be completed in early 2028.

To support the project, the Massachusetts Executive Office of Housing and Livable Communities (EOHLC) allocated 4 percent and 9 percent state and federal Low-Income Housing Tax Credits for the project. It also delivered loans from the Housing Stabilization Fund (HSF), Non-Federal Investment Trust (NFIT), Affordable Housing Trust Fund (AHTF), and Transit-Oriented Development (TOD) programs. Massachusetts Housing Partnership will help oversee the TOD loan. EOHLC also partnered with the Community Economic Development Assistance Corporation (CEDAC) to provide a loan from the Facilities Consolidation Fund.

"People need housing choices they can afford in the communities they love," said Massachusetts Housing and Livable Communities Secretary Juana Matias. "The Exchange will bring 115 mixed-income homes near transit and Salem's vibrant downtown, giving more people the chance to call Salem home."

MassHousing, an independent, quasi-public agency that provides financing for affordable housing, delivered a Workforce Housing loan, Capital Magnet Fund loans, a tax-exempt bridge loan, and permanent loans, and will help oversee the AHTF loan.

“MassHousing is excited to be part of this transformative project that will turn a city parking lot into a new, highly energy efficient rental housing community for residents with a range of incomes,” said MassHousing CEO Chrystal Kornegay. “The residents who will eventually call The Exchange Salem home will have close access to public transportation and all the amenities downtown Salem has to offer.”

Bank of America provided construction loans and is serving as the project’s tax credit investor. “Bank of America Community Development Banking is pleased to provide the construction loans and tax credit investments to help finance this mixed-income, transit-oriented development,” said Mary Thompson, Senior Vice President of Community Development Banking at Bank of America. “The Exchange Salem is a great example of the impact we can make through public-private partnerships to support the communities where we work and live, like the City of Salem.”

The City of Salem and the SRA supported the project through a Community Preservation Act loan and HOME loan, while the North Shore Home Consortium also provided a loan through the HOME program.

The design of The Exchange Salem will embrace the changing elevations of the site by adding public open space on the river level and at the higher Bridge Street elevation, while also creating accessible pedestrian connections between the two. The Exchange is directly adjacent to the Massachusetts Bay Transportation Agency (MBTA) hub, which is among the busiest commuter rail stations in the agency’s system. The MBTA worked with WinnDevelopment and the SRA to assemble the land parcel, record reciprocal easements, and coordinate utility improvements.

The Exchange Salem will be built to be certified as Passive House, the most rigorous science-driven, building energy performance standard in the world for high-energy efficiency and minimal carbon footprint. The 118,580-square-foot building will offer approximately 60 spaces in a ground floor parking garage, and approximately 1,300 square feet of street-level retail space to serve pedestrians and MBTA commuters.

Cube 3 of North Andover is the architect for the project, with Windover Construction of Beverly serving as general contractor. VHB of Watertown is providing engineering services for The Salem Exchange.

For the courthouses project, Public Archaeology Laboratory, Inc. (PAL) of Pawtucket, RI, is serving as the historic consultant, with Seger Architects of Salem as architect and VHB of Watertown providing engineering services. The former owner of the courthouses, the Massachusetts Division of Capital Asset Management and Maintenance (DCAMM), is supporting the preservation effort.

For the courthouses project, Public Archaeology Laboratory, Inc. (PAL) of Pawtucket, RI, is serving as the historic consultant, with Seger Architects of Salem as architect and VHB of Watertown providing engineering services. The former owner of the courthouses, the Massachusetts Division of Capital Asset Management and Maintenance (DCAMM), is supporting the preservation effort.

ABOUT WINNDEVLOPMENT

As the development arm of Boston-based WinnCompanies, WinnDevelopment creates and revitalizes high-impact mixed-income apartment properties through award-winning new construction, renovation and adaptive reuse techniques. The company prioritizes true mixed-income communities for households of all incomes. WinnDevelopment’s track record of success has earned it a reputation as a trusted, stable community development partner among local planners, public sector agencies and private sector financiers. The company offers integrated asset management services, pioneering environmentally sustainable design and leading property operations expertise. Learn more at WinnDevelopment.

MEDIA CONTACT

Ed Cafasso
edcafasso@gmail.com
Call or Text: (617)455-9651

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