The mixed-income project will add affordable and workforce housing units to the underserved Cape
(Eastham, MA) – Pennrose, a leader in multifamily development and management, was joined by local officials and project stakeholders to celebrate the groundbreaking of Village at Nauset Green in Eastham, Massachusetts. Developed in conjunction with the Town of Eastham, the $23 million project will deliver 65 high-quality affordable and workforce housing units to the Cape, an area with limited rental properties and low affordable housing inventory.
Speakers at the event included Jacqueline Beebe, Town Administrator, Town of Eastham; Sue Terrey, Assistant Undersecretary, MA Department of Housing & Community; David Rockwell, Director of Lending, Massachusetts Housing Partnership; Peter Wade, Chair, Town of Eastham Community Preservation Committee; Dorothy M. Smith, Chief of Staff, Office of State Representative Sarah K. Peake; Carolyn McPherson, Chair, Eastham Affordable Trust; Alan McClennen, Chair, Town of Orleans Community Preservation Committee; Jan Plaue, Vice-Chair, Town of Wellfleet Community Preservation Committee; Timothy I. Henkel, Principal and Senior Vice President, Pennrose, LLC; and Charlie Adams, Regional Vice President, Pennrose, LLC.
Located on an 11.2-acre site off Brackett Road, the property was purchased by the Town of Eastham to be used as affordable housing. Village at Nauset Green will accommodate individuals and families with a range of incomes, including 11 units serving households earning up to 30 percent of the Area Median Income (AMI) and 39 units serving households earning up to 60 percent of AMI. The remaining units will be Workforce units for families set at rents equal to 90 percent of AMI. In addition, 3 units will be for adults with disabilities.
“We commend the Town of Eastham for their hard work and having the vision to establish much needed affordable and workforce housing that will better serve local residents,” said Charlie Adams, Regional Vice President at Pennrose. “With a very low percentage of affordable housing in the region, Village at Nauset Green will help bridge this gap by creating a high-quality development that is an asset to the community. Future tenants will enjoy recreational areas, common green spaces and easy access to local businesses. We greatly appreciate the tremendous financial support the development has received from the State, both the Department of Housing and Community Development and MassHousing as well as the generous local funding we received not just from the Town of Eastham but also the Towns of Wellfleet and Orleans.”
Designed to fit within the existing neighborhood framework, Village at Nauset Green will evoke the local Cape Cod style and create a small village feel for residents through cluster-type design centered around two common green spaces with active and passive recreation opportunities. The development will offer one-, two-, and three-bedroom apartments, and will meet LEED Silver standards for sustainability. Pennrose Management Company will provide on-site management and maintenance, as well as supportive services geared towards both senior and family populations. Pennrose will also partner with local supportive service organizations to provide additional services for seniors, families, and formerly homeless tenants. Key additional amenities include a community room, community garden, and a pocket park at the front of the site to be used by all residents of Eastham and users of the Cape Cod Rail Trail.
Funding for the project includes $10 million over ten years in federal low-income housing tax credits, and $4.375 million in state tax credits over five years from the Commonwealth of Massachusetts Department of Housing and Community Development (DHCD). The federal credits were purchased by JP Morgan Chase with Hunt Capital as the syndicator. DHCD also provided $2.55 million through a combination of HOME, Affordable Housing Trust, and Housing Stabilization funds as well as 11 Project Based Vouchers, including 3 from the Section 811 program. A $10.2 million construction loan was provided by Bank of America and a $4.4 million permanent first mortgage will be provided by the Massachusetts Housing Partnership. Additional funding of $1.45 million comes from the Town of Eastham Community Preservation Committee, the Town’s Affordable Housing Trust and Town general funds. MassHousing provided $1.5 million from their Workforce Housing Program. The Towns of Wellfleet and Orleans each provided $100,000 towards the project’s financing.
With more than 40 years of experience, Pennrose combines quality development and proven management to deliver exceptional lifestyle-centered communities for its residents. With the superior knowledge and unparalleled dedication to get the job done right, Pennrose develops and operates both conventional and affordable communities throughout the Eastern and Midwestern portion of the United States. For more information visit www.pennrose.com.