Rockland Trust to provide $22m financing package for Pennrose

Lenox, MA Rockland Trust is providing a $22 million financing package to support Pennrose’s development of a new 68-unit mixed-income residential community at 238 Pittsfield Rd. The project will expand affordable and workforce housing opportunities in Berkshire County, helping address one of the region’s most pressing housing challenges.

“Access to quality, affordable housing is essential to the strength and vitality of our communities,” said Kelly Nguyen, SVP and commercial banking officer at Rockland Trust. “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.”

The project marks Pennrose’s second mixed-income housing development in Lenox, following the recent completion of Forge. Together, the two communities will create additional housing opportunities for local families, workers, seniors, and residents experiencing housing insecurity while helping the town of Lenox exceed the Commonwealth’s affordable housing benchmark.

The development will offer a mix of one-, two-, and three-bedroom apartments, including 57 affordable and workforce homes and 11 market-rate units. 

Construction is underway, with residents anticipated to begin moving in during 2028.

“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,” said Karmen Cheung, Regional Vice President at Pennrose. “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.”