North Shore Bank is providing financing to Harbor Point Properties, LLC for the acquisition and renovation of 129 Lafayette Street and 20 Harbor Street in Salem, MA. The properties will be converted into 37 apartments with three being designated as affordable housing units.
The two properties are a part of the Salem Lafayette Condominium Complex, a 3-unit condominium association which also includes 135 Lafayette Street. The two parcels of land and buildings involved in the project comprise the site of the former St. Joseph’s Catholic Church Rectory and St. Joseph’s School.
William Henning, Vice President in North Shore Bank’s Commercial Lending Division, said of the project:
We’re very excited to support Harbor Point Properties and its principals, David Pabich and Lawrence Frej. The renovation of these two buildings will bring additional life and vibrancy to this important entrance to downtown Salem.” He added, “We’ve worked with Mr. Pabich and Mr. Frej on many historic renovation projects in Salem and the results have always been outstanding.
Saint Joesph’s Catholic Church was built in 1884 to support the growing French-Canadian population in Salem. The original structure burnt down in the 1914 Salem fire. For years the parish used the renovated basement and tower base of the old church, until a new structure was built in 1949. After many active years as a parish, the Boston Catholic Archdiocese decided to close St. Joseph’s in 2004. The church ran St. Joseph’s School for 116 years until closing it in 2009. In 2013, the church was torn down to make way for the 4-story, 51 unit apartment building that stands there today. The two remaining properties are anticipated to be completed in the fall of 2021.