Salem Distillery Opens With Help from MassDevelopment Loan

 

The distillery’s tasting room (photo courtesy of Deacon Giles)

The distillery’s tasting room / photos courtesy of Deacon Giles

Salem, MA –MassDevelopment has issued a $12,997,900 tax-exempt bond, purchased by Eastern Bank, on behalf of Congress Street Residences Limited Partnership, an affiliate of North Shore Community Development Coalition (NSCDC), a community development organization in Salem.

Congress Street is using bond proceeds to buy and renovate eight multifamily apartment buildings composed of 66 affordable rental units in Salem’s Point neighborhood, of which two will be converted into programming space for the CDC. MassDevelopment also assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits that will provide approximately $7.4 million in equity for the project.

“Communities across the state are facing a housing shortage that directly influences the economic strength of the Commonwealth,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment is pleased to help provide solutions to those shortages, especially in Gateway Cities like Salem, by supporting the work of organizations like the North Shore Community Development Coalition.”

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A still at Deacon Giles in Salem (photo courtesy of Deacon Giles).

A still at Deacon Giles in Salem

“Eastern Bank is excited to assist in revitalizing Salem’s Point neighborhood,” said Jan Miller, Vice Chairman and Commercial Banking Officer for Eastern Bank. “We are concerned about the lack of local affordable housing and are proud to support organizations that improve growth and vitality in our communities.”

“North Shore CDC is proud of working with MassDevelopment and all other lenders to bring 64 affordable housing units to the north shore,” said David Valecillos, Senior Project Manager at NSCDC. “This scattered-site, multifamily housing project will provide safe and affordable units to families as well as promote economic development in the area.”