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A Philadelphia multifamily developer has begun leasing 65 units of affordable and workforce housing on Cape Cod in a project that received Community Preservation Act and MassHousing financing.
Pennrose Properties recently opened a temporary leasing office at 3 Main St. Mercantile in Eastham for The Village at Nauset Green, which is scheduled for completion in spring 2020.
The $23 million project is being built at 4300 State Highway on a vacant property owned by the town of Eastham. Designed by The Architectural Team of Chelsea and built by NEI General Contracting, the cluster-style development includes 18 3-story wood-frame buildings surrounding two common greens.
MassHousing provided $1.5 million from its workforce housing initiative to support the project’s 15 workforce units, which will be available to households earning 61 to 90 percent of the area median income. The affordable units will be reserved for households earning up to 60 percent of AMI.
The project received $12.7 million in equity financing from state low-income tax credits, $1.55 million in affordable housing funding from the Massachusetts Department of Housing and Community Development, $4.4 million in permanent financing from the Massachusetts Housing Partnership, $8.3 million in construction financing from Bank of America, $1.5 million in Community Preservation Act funds from Eastham and $200,000 from the towns of Wellfleet and Orleans’ CPA funds.
Pennrose owns properties in 16 states and is in predevelopment for a pair of school-to-housing conversions in Auburn, according to Charlie Adams, the company’s regional vice president who heads its Boston-based Northeast region office. It’s seeking tax credits to help finance conversion of the former Mary D. Stone School in Auburn into 55 units of mixed-income housing for seniors, and 60 units of mixed-income housing for seniors at the former Julia Bancroft School.
