Pennrose Secures $33M Construction Loan From Capital One For Allston Affordable Housing
Affordable housing developer Pennrose landed construction financing for an 88-unit housing project in Allston.
The developer received $32.9M in construction financing for the project at 95 Everett St., Banker & Tradesman reported. The financing was provided by Capital One and is coupled with $14.7M in additional financing funded by the Massachusetts Housing Investment Corp.
Each unit in the 86K SF, seven-story project is income-restricted, with rents for units restricted to 80% and 120% of area median income. Pennrose plans to complete the project in the summer of 2027.
The affordable housing community is part of a larger $550M mixed-use development led by the Blank family and Bracken Development. The full project includes a 12-story, 386K SF building with office and lab space at 93-129 Braintree St. The ground floor will have space for restaurant or retail space, as well.
The project follows several other affordable developments that have been proposed or approved in Allston in the last two years.
Urbanica received approval to develop a 43-unit condominium project at 65-79 Seattle St. in March. The Allston Brighton Community Development Corp. won approval for a 49-unit affordable senior project at the former Hill Memorial Baptist Church on North Harvard Street in 2024.
Tishman Speyer began construction on the first phase of Harvard University's research enterprise campus in 2023. The development consists of 900K SF along Western Avenue. The first phase has 510K SF of lab space across two buildings, a 343-unit apartment building, a conference center and public outdoor space.
Earlier this week, the Boston Zoning Board of Appeals approved a 316-unit apartment complex at 22-24 Pratt St. The project was proposed by Hines and Calare Properties. Adjacent to the project, Swiss firm Partners Group was approved for a 349-unit apartment complex known as Allston Green in 2020.
