A renderings of Pennrose's 238 Pittsfield Road development in Lenox. Image courtesy of The Architectural Team
An affordable housing development in the Berkshires is getting underway across the street from its sibling development that opened earlier this year.
Rockland Trust provided the $22 million construction loan to affordable housing developer Pennrose’s new 68-unit mixed-income project at 238 Pittsfield Road in Lenox, according to a mortgage filed in the Berkshire Middle Registry of Deeds in September.
The project will expand affordable and workforce housing opportunities in Berkshire County and marks Pennrose’s second mixed-income housing development in Lenox, following the recent completion of Pennrose’s Forge a short distance away.
“238 Pittsfield Road builds on the progress that the Town of Lenox has made in addressing the region’s pressing needs for affordable, family-sized rental housing,” Pennrose Regional Vice President Karmen Cheung said in a statement. “This partnership with the Town of Lenox continues to deliver communities that give families of all sizes a place to call home. Together with Forge, these two communities reflect our long-term commitment to meeting the diverse housing needs of Berkshire families.”
The project is financed via federal 4 percent low income tax credit and state tax credit allocations from Massachusetts’ Executive Office of Housing and Livable Communities, with the National Equity Fund as the syndicator and Rockland Trust and US Bank as the investors. Haynes Construction is the general contractor and The Architectural Team designed the development.
Upon completion, the development at 238 Pittsfield Road will have a mix of one-, two-, and three-bedroom apartments, including 57 affordable and workforce homes and 11 market-rate units. Construction is anticipated to wrap up in 2028.
“Access to quality, affordable housing is essential to the strength and vitality of our communities,” Rockland Trust commercial banking officer Kelly Nguyen said in a statement. “We are proud to partner with Pennrose on a development that will create meaningful housing opportunities for Berkshire County residents while supporting smart, sustainable growth in Lenox.”
