Boston – MassHousing is providing $19.2 million in affordable and workforce housing financing to Pennrose, LLC for the redevelopment of Cape Cod Five Bank’s former operations center in Orleans into 62 new affordable rental homes for residents with a range of incomes.
The development will repurpose the former bank operations building that was built in 1977 to include 20 apartments and a management office, a fitness room, community room, resident services office, and package room. Pennrose will also construct a new wing on the building that will contain 34 apartments, as well as two new four-unit townhouse-style buildings.
“The support from the Town of Orleans was essential in making this project come together,” said Charlie Adams, regional vice president with Pennrose, LLC. “Their dedication to affordable housing and their contribution of $2 million in CPC funds was incredible. Equally impressive was how many neighboring communities – Brewster, Chatham, Eastham, Harwich, Truro, and Wellfleet – were also willing to commit their CPC funds in addition to Barnstable County. We also can’t thank Cape Cod Five Bank enough for their vision in making their former site into affordable housing.”
MassHousing is supporting the Cape Cod Five Redevelopment with $15.4 million in tax credit equity bridge financing, $2.8 million in permanent financing, and $1 million from the agency’s Workforce Housing Initiative.
There will be 31 one-bedroom apartments, 23 two-bedroom apartments, and 8 three-bedroom apartments. Nine of the units will be supported by project-based subsidies (eight Section 8 and one MRVP), for households earning up to 30% of the Area Median Income (AMI); 43 apartments will be restricted to households earning up to 60% of AMI, and 10 will be workforce housing units for households earning up to 80% of AMI.
The general contractor is Dellbrook/JKS; the architect is The Architectural Team; the landscape architect is Crowley Cottrell; the civil engineer is Horsley Witten; and the management agent is Pennrose Management Company.
