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NEW JERSEY REDEVELOPMENT FORUM
March 10, 2017
THE NUMBERS ARE COMING IN.
HOW WILL WE GENERATE NEW AFFORDABLE HOUSING?
We Are…
• Over 45 years in business
• Specialists in multi-family, mixed-use, and homeownership development
• Recognized experts in complex, multi-phase, mixed-finance, urban and suburban development
Developers with a depth of experience, a reputation for quality, a commitment to diversity, and a broad vision that allows us to consistently produce great spaces.
History
MISSION
Our committed team of exceptional professionals transforms communities by creating high quality real estate development and del ivering outstanding value to our cl ients and partners.
Pennrose Today
Privately held corporation, led by three principals:
Richard Barnhart, Chairman & CEO
Mark Dambly, President
Timothy Henkel, Sr. Vice President
Currently active in 13 states, with development offices in:
Philadelphia, PA Baltimore, MD Chattanooga, TN Boston, MA New York City, NY
Affiliated property manager, Pennrose Management Company – “PMC”
Employs 300+ trained professionals
Manages the vast majority of the Pennrose portfolio and other sites
Proven Track Record
• LIHTC Financing. Largest generator of tax credits in the NJ and PA, and one of the largest in the Country every year.
• Private Financing: Strong banking relationships with the nations leading financing institutions.
• Other Public Sources. HOME, CDBG, H6, Choice, NSP, Capital Funds, RHFF, Up-Front Grant, RAD, RACP, UTHTC, and many more.
Development Capacity
• Our commitment to diversity shows in our integration of local hiring, and in the numerous projects on which we’ve partnered with or hired M/WBE participation firms.
• Pennrose has been a designated redeveloper in over 80 municipalities, and regularly helps cities transform underutilized sites into thriving mixed use economic development engines.
Wynne Senior Residences • Construction Type: New
Construction• Location: Philadelphia, PA• Completion Date: April 15,
2017 • Notable Items: Passive House
• Units: 51• Property Type: 100%
Affordable• Population Served: Senior• Incomes Served: 30%, 50%,
60% AMI
• Units: 70• Property Type: 100% Affordable• Population Served: Senior
(62+)• Incomes Served: 20%, 50%,
60% AMI• Construction Type: New
Construction• Location: Paterson, NJ• Completion Date: May 30, 2015• Notable Items:
Partnership with Paterson Housing Authority
Freedom Village (Apollo Dye)
Stone Grove• Units: 84• Property Type: 100%
Affordable• Population Served: Family• Incomes Served: 30%,
60% AMI
• Incomes Served: 30%, 60% AMI• Construction Type: New
Construction• Location: Salisbury, MD• Completion Date: December,
2016 • Notable Items: Former public
housing site Partnership with
local Housing Authority
Roosevelt Hospital• Units: 85• Property Type: 100%
Affordable• Population Served: Senior
(62+)• Incomes Served: 30%, 50%,
60% AMI• Construction Type: Historic
Rehabilitation• Location: Edison Township, NJ• Completion Date: November
2017• Notable Items:
Cooperation with Township Rehabilitation of historic hospital Use of Historic Tax Credits Veterans Housing Component (22
units)
Fort Lee• Completion Date: December 2017• Notable Items:
Inclusion of 16 units for tenants with developmental disabilities, designed into 4 quads of 4-1BR units
Partnership with Department of Developmental Disabilities
Highly amenitized – rooftop deck with views of NYC skyline, clubhouse, pool
• Units: 141• Property Type: Mixed-
Income• Population Served: Family• Incomes Served: 30%,
60% AMI, Market • Construction Type: New
Construction • Location: Fort Lee, NJ