Leisure Tower

ABOUT

Leisure Tower is a 180-unit elderly housing complex located just north of Boston in the coastal community of Lynn, Massachusetts. In 1999 it was financed with Massachusetts Housing Finance Agency’s Tax Exempt financing, leveraging Low Income Housing Tax Credits and additional debt by decoupling the existing 236 IRP. This was Silver Street Development Corporation’s first decoupling on a 236 property. Leisure Tower has a high percentage of tenants who emigrated from Russia, spurring the creation of unique 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