Image courtesy of Image courtesy of DiMella Shaffer

An Allston mixed-use project received $32.9 million in construction financing for the 88-unit housing component.

Multifamily developer Pennrose is developing the 7-story, 86,400 square-foot residential building at 95 Everett St. Capital One provided the construction loan, according to a Suffolk County mortgage filed Oct. 27.

Massachusetts Housing Investment Corp.’s state tax credit loan fund provided $14.7 million in financing.

Pennrose’s project will include all-affordable housing units, with 50 percent of units reserved for households earning a maximum 80 percent of area median income, and an additional 35 percent of units for households earning a maximum 120 percent of AMI. The building will be equipped with a community room, roof terrace and 1,400 square-foot retail space.

Completion is scheduled for summer 2027.

In 2023, the Boston Planning & Development Agency approved the estimated $550 million mixed-use development on the 1.8-acre site, including a 12-story, 385,700 square-foot office-lab building at 93-129 Braintree St. The commercial component is led by the owners of the existing building, the Blank family and development manager Bracken Development.

Philadelphia-based Pennrose is active in adaptive reuse projects and developments on surplus government properties. In 2024, it completed conversion of a former Boston Public School into The Pryde, a LGBTQ-friendly senior housing complex.

In Jamaica Plain, the firm is partnering with Hyde Square Task Force on conversion of the former Blessed Sacrament Church into a 55-unit mixed-income project.