Leisure Tower

ABOUT

Leisure Tower is a 180-unit elderly housing complex located just north of Boston in the coastal community of Lynn, Massachusetts. First in 1999 it was Creatively financed with Massachusetts Housing Finance Agency’s Tax Exempt financing, this property leveraged Low Income Housing Tax Credit and additional debt by decoupling the existing 236 IRP. This was Silver Street Development Corporation’s first decoupling on a 236 property. Unique to Leisure Tower, is its high percentage of tenants who emigrated from Russia, spanning the creation of on-site educational services, including classes in English as a second language. In June of 2014 the property was refinanced with MassHousing.  As a condition of the loan, Silver Street Development Corp., the property owner, will seek to extend for 20 years the Section 8 Housing Assistance Payment (HAP) contract and the affordability at Leisure Tower when the current HAP contract expires in 2018.

180 Units

Acquired: 1999

Investor: Private