60-unit development named in honor of local Medal of Honor recipient continues successful public-private partnership

Pennrose and Woodbridge Township, along with project partners, today celebrated the groundbreaking of Petersen Commons, a 60-unit 100% affordable senior housing community at 1440 Rahway Avenue in Avenel, New Jersey. The brand-new community, expected to be completed in the spring of 2027, will provide high-quality, affordable housing opportunities for older adults 55+ with a preference given to veterans.

Speakers at the groundbreaking included: Timothy I. Henkel, CEO, Pennrose, LLC; John E. McCormac, Mayor, Woodbridge Township; Mikie Sherrill, Governor, State of New Jersey; Craig J. Coughlin, Speaker, New Jersey General Assembly; Ronald Rios, Director, Middlesex County Board of County Commissioners; Melanie Walter, Executive Director, New Jersey Housing and Mortgage Finance Agency; Evan Weiss, Chief Executive Office, New Jersey Economic Development Authority; Kimmel Cameron, Managing Director, Hudson Housing Capital; Caroline Ehrlich, Chief of Staff, Woodbridge Township

Named in honor of Avenel resident Carl Petersen, a Navy veteran and Medal of Honor recipient, Petersen Commons reflects a deep commitment to serving seniors and veterans while celebrating the area's history. 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), ensuring a wide range of affordability. 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.

The development will include 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. Every apartment will be Energy Star® certified and the building is designed to meet Zero Energy Ready Home standards, delivering enhanced energy efficiency, sustainability, and long-term cost savings for residents.

"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."

“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,” said Governor Mikie Sherrill. “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.”

"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.  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,” said John E. McCormac, Mayor of Woodbridge Township.

The development marks the next chapter of the successful public-private partnership between Pennrose and Woodbridge Township. 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.

The development 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 syndicator and JP Morgan Chase is the investor for both the LIHTC and ASPIRE credits.

“Housing insecurity is a battle far too many veterans are still fighting,” stated 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. 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.”

“We are honored to build on the success of Greens at Avenel alongside Woodbridge Township,” added Marsha Blunt, president of Pennrose Management Company. “With quality housing and tailored, on-site supportive services, our shared goal is to help seniors and veterans thrive for generations to come.”

Pennrose is committed to delivering high-quality, transformative affordable housing across New Jersey and the Northeast region. Petersen Commons joins a growing portfolio of Pennrose communities built in partnership with local municipalities and housing authorities to meet the needs of underserved residents, including seniors, veterans, and working families.