Worcester Business Journal

wbjournal.com | January 26, 2026 | Worcester Business Journal 9 single-use Plumley Village complex. Plumley's past is far from glamorous, but Henken said upgrades will breathe new life into its brown brick buildings. Changes will include a new fitness center, roofs, bathroom and kitchen upgrades, and green infrastructure improvements, bringing it in line with modern properties. Combining the purchase price with the expected costs of upgrades, Henken said the Plumley endeavor will cost about $140 million. A purchase like this years ago likely would have involved state low-income housing tax credits, but those have be- come increasingly difficult to access due to high demand, Henken said. "Massachusetts used to have more supply of low-income housing tax cred- its than demand, so that was the vehicle of choice to go and acquire or to build, " he said. "Over the last 10 years or so, the demand has been outstripping supply by a factor of three or four to one." Instead of tax credits, Henken part- nered with New York development firm Jonathan Rose Cos., which raised $1.5 billion in equity for affordable housing investments. at money helped facil- itate a quick sale of Plumley Village to Jonathan Rose and Schochet Cos. is purchase was part of its Rose Af- fordable Housing Preservation Fund VI, a $600-million effort backed by pension funds, banks, foundations, endowments and family offices looking for both returns and to adhere to environmental, social, and governance principles. Investment firms are interested in subsidized housing because federal subsidies limit issues with collecting rent and because demand in Central Massachusetts for this type of housing is sky high, said Henken. e Community Builders, the Boston-based former owner of the site, helped keep the site as a viable real estate investment, despite its affordable nature, he said. "TCB did a really good job with pro- viding services. We want to take it to the next level," he said. e site has been managed on the ground by Maria Cotto since 2011, with Henken being impressed enough with Cotto's work that he hired her as a portfolio manager at Schochet. "I'm just blessed to be able to do what I do, to build this team, and to get Maria, she's great," Henken said. Schochet will continue to host a Boys & Girls Club of Worcester location at the site, as well as a WIC office and oth- er services needed by the community's diverse population. Naturally-occurring affordability Schochet has been in the affordable housing space since its founding by Henken's father-in-law, Jay Schochet, in 1973. Yet, the Devenscrest Village purchase in Ayer required some creative financial work not typically seen in the affordable housing space, said Henken. Up until it was purchased by New Hampshire developer Brady Sullivan Properties in 2021, the site had been owned by an owner who was hands off. Rents were much lower than market rate, but residents shoveled their own driveways and mowed their own lawns. Henken labels Devenscrest as nat- urally-occurring affordable housing, defined by the National League of Cities as properties not subsidized by federal programs and with naturally low rent compared to the regional market. Aer Brady Sullivan bought Deven- screst, the affordability was expected to end, as residents were served no-fault eviction notices in an effort to renovate the property and raise rents. Even with his work in the affordable space, Hen- ken is still a capitalist and said Brady Sullivan had the right to do as it pleased with the property. Henken saw an opportunity to help cra a plan to allow for the property to remain affordable for existing residents, add affordability restrictions to multiple units, and allow them a future option of purchasing the site for themselves aer 10 years of Schochet ownership. If only Henken could find a way to finance the unorthodox deal. A three-month conversation with a big institutional equity partner to fund the purchase and needed upgrades at the site turned out to be a dead end. Undeterred, Henken craed a roughly $41-million capital stack involving a $24-million mortgage from Bos- ton-based Eastern Bank and $10.5 mil- lion in state funding. e rest was made up with funds from high-net-worth investors, friends, and family. In addition to Plumley and Deven- screst, Schochet's larger involvement in Central Massachusetts housing includes managing the 302-unit Seabury Heights senior housing site on Belmont Street in Worcester, which is undergoing a $30-million renovation. e firm is involved in other afford- able sites in Gardner, Leominster, and Northbridge. It's all part of Schochet's double-bot- tom-line approach of doing well while doing good, Henken said. "We're a mission-driven for-profit. Our purpose is to take care of people. e goal is to improve the lives of these families and these kids, to break the cycle of poverty," he said. W Worcester's affordable housing stock (100+ unit sites) The average large affordable housing site in Worcester was built in 1973. Property address Name Units Style Year built Stories Affordable type 37 Pleasant Valley Drive Lincoln Village 1,219 Mid-rise 1975 8 Rent subsidized 1-20 Laurel St. Plumley Village 430 Garden 1970 3 Rent subsidized 55 Williamsberg Drive Washington Heights 404 Garden 1976 3 Rent restricted 240-244 Belmont St. Seabury Heights 302 Mid-rise 1981 9 Rent subsidized, senior and disabled 1050-1060 Main St. Webster Square Towers East and West 256 Mid-rise 1970 11 Rent subsidized, senior 39 1st St. Coes Pond Village 250 Mid-rise 1960 11 Rent subsidized, senior 11 Lake Ave. Lincoln Park Tower Apartments 199 Hi-rise 1980 15 Rent subsidized, senior 425 Pleasant St. Elm Park Tower 195 Hi-rise 1970 16 Rent subsidized, senior 27 Mount Vernon St. Green Hill Towers 185 Mid-rise 1982 7 Rent subsidized, senior 40 Belmont St. Belmont Tower Apartments 166 Hi-rise 1960 18 Rent subsidized, senior and disabled 86 Austin St. Whittier Terrace 163 Mid-rise 1979 5 Rent subsidized 11 Marble St. Marble Street Apartments 162 Mid-rise 1981 4 Rent subsidized 6 Wachusett St. Canterbury Towers 156 Mid-rise 1976 8 Rent subsidized, senior and disabled 161 West Mountain St. Stratton Hill Park Apartments 156 Mid-rise 1975 5 Rent restricted 485 Grove St. Colony I & II 139 Garden 1967 2 Rent restricted 275 Pleasant St. Pleasant Tower Apartments 133 Mid-rise 1970 8 Rent subsidized 101 Chadwick St. Colony III Congregate Housing 100 Low-rise 1975 2 Rent subsidized 30 Wellington St. Wellington Street Apartments 100 Mid-rise 1966 9 Rent subsidized Sources: CoStar, property websites After residents at Devenscrest Village in Ayer banded together to push back against redevelopment of the site, Schochet helped arrange a deal to help keep the site as affordable housing. PHOTO | COURTESY GOOGLE MAPS

• Cover