Rockland Trust Provides $22 Million Loan For Pennrose Development Site In Lenox, MA

The asset involved in this transaction is a development site located at 238 Pittsfield Road in Lenox, Massachusetts. The loan provided for this project amounts to $22 million, designated for construction purposes. The development will feature a total of 68 mixed-income units, comprised of 57 affordable/workforce apartments and 11 market-rate units, with construction currently underway and first residents anticipated in 2028.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $22,000,000
• Lender: Rockland Trust
• Landlord: Timothy Henkel - Pennrose
• Market: Lenox, MA
• Loan Type: Construction
• Units Planned: 68 (57 affordable/workforce, 11 market-rate)

This transaction involves key individuals and entities, with Timothy Henkel acting as the landlord through Pennrose, the company responsible for the development project. Rockland Trust is providing the necessary financing to facilitate the construction of this mixed-income housing initiative.