Pennrose Properties Breaks Ground on 60-Unit Petersen Commons Affordable Senior Housing Community in Avenel, NJ

Pennrose Properties and Woodbridge Township have broken ground on Petersen Commons, a 60-unit, 100% affordable senior housing community at 1440 Rahway Avenue in Avenel, New Jersey. The development, expected to be completed in spring 2027, will serve residents aged 55 and older, with a preference given to veterans.

The groundbreaking ceremony drew a range of public officials and project partners, including New Jersey Governor Mikie Sherrill, New Jersey General Assembly Speaker Craig J. Coughlin, Woodbridge Township Mayor John E. McCormac, and Middlesex County Board of County Commissioners Director Ronald Rios.

Project Overview and Design

The three-story building will feature a mix of one- and two-bedroom units available at 30% to 60% of the Area Median Income (AMI). Of the 60 units, three will be accessible for residents with physical disabilities and two will be outfitted for residents with hearing and visual impairments. All apartments will be fully adaptable.

Community amenities will include a resident gathering room for on-site supportive services, common laundry facilities, resident parking, and on-site management and maintenance space. Every apartment will be Energy Star® certified, and the building is designed to meet Zero Energy Ready Home standards.

The development is named in honor of Carl Petersen, an Avenel resident, Navy veteran, and Medal of Honor recipient.

Financing Structure

The project is financed through 4% Low-Income Housing Tax Credits (LIHTC), Affordable Housing Production Funds provided by the New Jersey Housing and Mortgage Finance Agency (NJHMFA), and ASPIRE credits provided by the New Jersey Economic Development Authority (NJEDA). Hudson Housing Capital serves as the tax credit syndicator, and JP Morgan Chase is the investor for both the LIHTC and ASPIRE credits.

NJHMFA Executive Director Melanie Walter disclosed that the agency provided $18.4 million in subsidy from LIHTC and the Affordable Housing Production Fund, as well as $16.2 million in construction and permanent loans.

"Housing insecurity is a battle far too many veterans are still fighting," said Melanie Walter, Executive Director of the New Jersey Housing and Mortgage Finance Agency. "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."

Building on a Public-Private Partnership

Petersen Commons represents the second major collaboration between Pennrose Properties and Woodbridge Township. In 2019, the two parties developed Greens at Avenel on an adjacent Township-owned parcel, creating 101 affordable homes for families and individuals with special needs. The current project expands that partnership to address senior and veteran housing demand within the same community.

"Breaking ground on Petersen Commons is a proud moment for our team and for the Avenel community," said Timothy I. Henkel, CEO of Pennrose. "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."

Mayor John E. McCormac of Woodbridge Township noted the progression from the prior project: "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."

Governor Mikie Sherrill connected the project to the state's broader policy goals. "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," she said. "By delivering this housing, we are one step closer to effectively ending veteran homelessness this year."

Marsha Blunt, president of Pennrose Management Company, emphasized the long-term operational commitment accompanying the development. "With quality housing and tailored, on-site supportive services, our shared goal is to help seniors and veterans thrive for generations to come," she said.

Pennrose has described Petersen Commons as part of a growing portfolio of communities developed in partnership with local municipalities and housing authorities across New Jersey and the Northeast region. Completion is targeted for spring 2027.