Eastern Bank Provides $44 Million Financing for Multi-Site Affordable Senior Housing Development in New Hampshire
Eastern Bank has closed $44 million in financing for a multi-site affordable senior housing development across four New Hampshire communities, the bank announced July 16, 2026. The transaction supports the rehabilitation of 122 existing affordable senior housing units and the construction of 28 new units for moderate-income seniors in Tamworth, Bethlehem, Manchester and Pelham.
The financing was structured as $28.3 million in construction financing and $15.7 million in permanent financing, supported by a tax-exempt bond issuance by New Hampshire Housing and Low-Income Housing Tax Credits. Housing Initiatives of New England Corporation, a nonprofit developer and operator of affordable senior housing across New England, is the project sponsor.
Deal Structure and Capital Stack
The transaction combines rehabilitation of existing properties with new construction. The capital structure draws on tax-exempt bonds and Low-Income Housing Tax Credits alongside construction and permanent debt.
Cyndy Taylor, President of Housing Initiatives of New England, said the financing would allow the nonprofit to reinvest in four distinct properties in a coordinated way. "Each property is unique, and with Eastern Bank's financial support, we are able to reinvest in them in a coordinated way, ensuring they remain stable, sustainable and affordable for our senior residents well into the future," Taylor said. "These transactions are sophisticated, and we sought a banking team experienced in effectively applying a range of resources, from tax-exempt bonds to Low-Income Housing Tax Credits; Eastern Bank's Community Development Lending team took the time to understand the unique needs of our project and apply their extensive knowledge to create a well-structured financing transaction."
Yongmei Chen, Senior Vice President and Commercial Group Director of Community Development Lending at Eastern Bank, said the multi-property scope required a deliberate approach. "Bringing together the financing of four properties requires a thoughtful, collaborative approach from start to finish," Chen said. "We are proud to support Housing Initiatives of New England in advancing affordable housing for seniors in New Hampshire, and to work with New Hampshire Housing to purchase a bond to enable this kind of construction."
The Community Development Lending team advising the transaction was led by Yongmei Chen and Angela Meehan, Senior Vice President and Community Development Lending Team Leader at Eastern Bank.
Project Context
Taylor noted that Eastern Bank's financing "enables the preservation and expansion of affordable senior housing in four New Hampshire communities at a time when access to affordable housing remains a critical need across our region."
The press release does not detail the full project cost or the breakdown of public versus private capital beyond Eastern Bank's $44 million contribution, nor does it disclose street addresses, square footage, year built or occupancy data for the four properties.
Eastern Bank's Community Development Lending Platform
Eastern Bank described the New Hampshire transaction as part of a broader community development lending effort. The bank said its offerings in this area include construction and real estate financing, working capital lines of credit, multi-layered leverage loans for both New Market Tax Credit and Low-Income Housing Tax Credit projects, tax-exempt bond financing, and treasury services and deposit products.
Founded in 1818, Eastern Bank reported approximately $30.6 billion in assets as of March 31, 2026, and operates more than 125 branch locations across eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. The bank's holding company, Eastern Bankshares, Inc., trades on the Nasdaq Global Select Market under the ticker EBC.
Eastern Bank said it has provided more than $240 million in charitable giving since 1994. The bank also operates Cambridge Trust Wealth Management and Private Banking Divisions, which include what it describes as the largest bank-owned independent investment adviser in Massachusetts, with $9.8 billion in assets under management.
Sources: Eastern Bank Investor Relations