MassHousing Provides $19.2M in Financing for Cape Cod Affordable Housing Redevelopment

ORLEANS, MASS. — MassHousing has provided $19.2 million in financing for an affordable housing redevelopment project in the Cape Cod community of Orleans. The financing consists of $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. The project will convert the former site of a Cape Cod Five Bank operations center that originally opened in 1977 into a 62-unit complex that will serve renters with a range of income restrictions. The borrower, Pennrose, will adaptively reuse part of the existing structure and also construct new units from the ground up. Amenities will include a fitness room, community room, resident services office and a package room.