The project will preserve 122 affordable senior housing units and create 28 new homes for moderate‑income seniors in four communities

Company Website: https://www.easternbank.com
BOSTON -- (Business Wire)

Eastern Bank is pleased to announce financing for a multi‑site affordable senior housing development in four New Hampshire communities—Tamworth, Bethlehem, Manchester and Pelham. Sponsored by Housing Initiatives of New England Corporation, a nonprofit developer and operator of high‑quality, affordable senior housing across New England, the financing will support the rehabilitation of 122 affordable senior housing units and construction of 28 new units for moderate‑income seniors. Eastern is providing $28.3 million in construction financing and $15.7 million in permanent financing, structured through a tax‑exempt bond issuance by New Hampshire Housing and supported by Low-Income Housing Tax Credits.

“Eastern Bank’s financing of this project 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,” said Cyndy Taylor, President of Housing Initiatives of New England. “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. 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.”

“Bringing together the financing of four properties requires a thoughtful, collaborative approach from start to finish,” said Yongmei Chen, Senior Vice President, Commercial Group Director of Community Development Lending of Eastern Bank. “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.”

Eastern provides a range of community development financing offerings to fund affordable housing development and support the credit needs of nonprofits. Community development lending solutions include construction and real estate financing, working capital lines of credit, multi-layered leverage loans for both New Market and Low-Income Housing Tax Credit projects, tax-exempt bond financing, and highly sophisticated treasury services and deposit products.

The Community Development Lending team advising this transaction was led by Senior Vice President, Commercial Group Director of Community Development Lending Yongmei Chen and Senior Vice President, Community Development Lending Team Leader Angela Meehan.

About Eastern Bank
Founded in 1818, Eastern Bank is Greater Boston’s leading local bank with more than 125 branch locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of March 31, 2026, Eastern had approximately $30.6 billion in assets. Eastern provides a full range of banking and wealth management solutions for consumers and businesses of all sizes including through its Cambridge Trust Wealth Management and Private Banking Divisions, which include the largest bank-owned independent investment adviser in Massachusetts with $9.8 billion in assets under management. Eastern takes pride in its advocacy and community support that includes more than $240 million in charitable giving since 1994. An inclusive company, Eastern is comprised of deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com and follow Eastern on Facebook, LinkedIn and Instagram. Eastern Bankshares, Inc. (Nasdaq Global Select Market: EBC) is the holding company for Eastern Bank. For investor information, visit investor.easternbank.com.

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Contacts:

Media contact:
Andrea Goodman
Eastern Bank
a.goodman@easternbank.com
781-598-7847

Investor contact:
Andrew Hersom
Eastern Bankshares, Inc.
a.hersom@easternbank.com
617-897-1177

Source: Eastern Bank