Image courtesy of DiMella Shaffer

Mixed-income housing specialist Pennrose has begun construction of an all-affordable Allston project that’s scheduled for completion in 2027.

The 95 Everett St. project will include 73 income-restricted units, including 18 apartments reserved for households earning 30 percent or less of area median income. The rest will be reserved at a range of incomes from 50 to 120 percent of AMI.

“95 Everett St. is an opportunity to bring high-quality, affordable housing to a neighborhood that is experiencing significant housing cost pressure,” Pennrose Regional Vice President Karmen Cheung said in a statement. “Allston-Brighton’s transit access, employment opportunities, and community assets make it an ideal location for working families and individuals.”

The project includes a rooftop terrace and 1,400-square-foot ground floor retail space.

Pennrose received a $32.9 million construction loan last October from Capital One for the project. Massachusetts Housing Investment Corp.’s state tax credit loan fund provided $14.7 million in financing.

The project’s federal and state low-income housing tax credits were purchased by Capital One and syndicated by Hudson Housing Capital. 

MassHousing will serve as the permanent lender and provider of tax-exempt bond financing.

Massachusetts’ Executive Office of Housing and Livable Communities provided financing via its Affordable Housing Trust Funds, Housing Stabilization Funds and Transit-Oriented Development Funds, in addition to federal HOME dollars. And the city of Boston provided Mayor’s Office of Housing HOME funds, National Housing Trust funds and the funding from the inclusionary development policy.

At 361 Centre St. in Jamaica Plain, Philadelphia-based Pennrose is redeveloping Blessed Sacrament Church as 55 units of mixed-income housing.

Image courtesy of DiMella Shaffer