  We present multiwavelength studies of a TeV gamma-ray source VER J2016+371
suggested to be associated with a supernova remnant CTB 87 (G74.9+1.2) and
based on X-ray and radio morphologies, CTB 87 is identified as an evolved
pulsar wind nebula. A source in the vicinity of VER J2016+371 is also detected
at GeV energies by Fermi Gamma Ray Space Telescope suggesting a likely
counterpart at GeV energies. We find that a broken power-law (BPL) distribution
of electrons can explain the observed data at radio, X-ray and TeV energies,
however, is not sufficient to explain the data at MeV--GeV energies. A
Maxwellian distribution of electrons along with the BPL distribution of
electrons in low magnetic fields can explain the observed multiwavelength data
spanned from radio to TeV energies suggesting this as the most likely scenario
for this source. We also find that although the hadronic model can explain the
observed GeV--TeV data for the ambient matter density of $\sim 20~ \rm
cm^{-3}$, no observational support for such high ambient density makes this
hadronic scenario unlikely for this source.
