Slated for completion in spring 2027, Petersen Commons at 1440 Rahway Ave. in Avenel will include a mix of one- and two-bedroom rentals available at 30 to 60 percent of the area median income, with preference given to military veterans. — Courtesy: Pennrose
By Joshua Burd
Pennrose has broken ground on a project that will bring 60 units of affordable senior housing to Woodbridge with a preference given to military veterans.
The developer joined local officials and its partners last week to mark the start of construction at 1440 Rahway Ave., in the township’s Avenel section, where it’s planning a three-story building with a mix of one- and two-bedroom rentals available at 30 to 60 percent of the area median income. According to a news release, three of the homes will be accessible for residents with physical disabilities, while two will be outfitted for those with hearing and visual impairments.
Completion of what’s known as Petersen Commons is slated for spring 2027.
“Breaking ground on Petersen Commons is a proud moment for our team and for the Avenel community,” Pennrose CEO Timothy I. Henkel said. “This development reflects our core beliefs at Pennrose — the power of strong public-private partnerships, the importance of serving those who have given so much to our country and the difference that high-quality, affordable housing can make in people’s lives.”
Named in honor of Avenel resident Carl Petersen, a Navy veteran and Medal of Honor recipient, the project will serve seniors and veterans while celebrating the area’s history, the news release said. And it’s part of a growing portfolio of properties that Pennrose says it’s building in tandem with municipalities and housing authorities to support underserved residents, including seniors, veterans and working families.
Plans also call for a welcoming community room for resident gatherings and the delivery of on-site supportive services, common laundry facilities, resident parking and on-site management and maintenance space.
“Today’s groundbreaking at Petersen Commons represents our commitment to ensuring every New Jerseyan — especially those who have served our country — can age with dignity in a safe, affordable place to call home,” Gov. Mikie Sherrill said. “By delivering this housing, we are one step closer to effectively ending veteran homelessness this year. I am grateful to our partners for their shared efforts to expand affordable housing across New Jersey.”
Those on hand for the recent groundbreaking also included Woodbridge Mayor John E. McCormac, Assembly Speaker Craig J. Coughlin, Middlesex County Board of County Commissioners Director Ronald Rios, New Jersey Housing and Mortgage Finance Agency Executive Director Melanie Walter, New Jersey Economic Development Authority CEO Evan Weiss, Hudson Housing Capital Managing Director Kimmel Cameron and Woodbridge Township Chief of Staff Caroline Ehrlich.
The development also marks the next chapter of a successful public-private partnership between Pennrose and Woodbridge Township, the firm said. In 2019, the team developed Greens at Avenel, which created 101 affordable homes for families and individuals with special needs on the adjacent township-owned parcel.
“Today’s groundbreaking of Petersen Commons at Avenel represents yet another milestone toward achieving our goal of ensuring that Woodbridge Township veterans and senior residents have access to quality residential options that allow them to affordably continue to live in the Woodbridge community,” McCormac said. “Our partnership with Pennrose established the first new fully accessible residential community specially designed for developmentally disabled residents at the Greens at Avenel and now, we have expanded to include 60 units of affordable housing specially designed for our veteran community.
“Once again, Woodbridge Township stands firmly on our commitment in partnership with Pennrose to provide state-of-the-art affordable housing to our 55+ veteran community.”
The development is financed through 4 percent Low-Income Housing Tax Credits, Affordable Housing Production Funds provided by HMFA and the EDA’s Aspire program, the news release said. Hudson Housing Capital serves as the syndicator and JP Morgan Chase is the investor for both the LIHTC and Aspire tax credits.
“Housing insecurity is a battle far too many veterans are still fighting,” HMFA’s Walter said. “NJHMFA is committed to making sure that those who have served our country can enjoy a quality, affordable, home, a key part of realizing the American dream. Petersen Commons makes that dream a reality for 60 families. That’s why the agency is so proud to have supported this development with $18.4 million in subsidy from LIHTC and the Affordable Housing Production Fund, as well as $16.2 million in construction and permanent loans.”
Marsha Blunt, president of Pennrose Management Co., added: “We are honored to build on the success of Greens at Avenel alongside Woodbridge Township. With quality housing and tailored, on-site supportive services, our shared goal is to help seniors and veterans thrive for generations to come.”
