Hunt Capital Partners, Pennrose Expand Affordable Housing Project
The companies have secured $4.5 million in financing to build 55 senior living units as part of the second phase of the Residences at Glenarden Hills development in Lanham, Md.
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Hunt Capital Partners and Pennrose have closed $4.5 million in federal low-income housing tax credit equity financing for the second phase of their Residences at Glenarden Hills development in Lanham, Md. All 55 units included in the affordable housing project will be restricted to seniors age 62 and over. Harkins Builders Inc. is the general contractor and Moseley Architects Inc. serves as architect for this phase of the project.
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Located at 8405 Hamlin St. in suburban Maryland, the upcoming property will provide easy access to the Washington, D.C., beltway. Residences at Glenarden Hills is being built on the site of the former 578-unit Glenarden Apartments community. Phase 2 will be divided into two parts: Phase 2A—which includes the 55 senior housing units—and Phase 2B, which consists of 59 LIHTC family units and 45 market-rate apartments. The first phase of the project is nearing completion and features 114 units and a 6,000-square-foot clubhouse. Pennrose partnered with the Redevelopment Authority of Prince George’s County to design and develop the 27-acre, four-phase redevelopment project, which is set to encompass 430 units upon completion.
Construction of Phase 2A is already underway, with delivery scheduled for December 2020. When completed, the four-story building will feature 47 one- and eight two-bedroom units, all set aside for seniors earning up to 50 and 60 percent of the area median income. Households with disabilities will be able to occupy four ADA-compliant apartments at the upcoming community. Amenities are set to include a gym, laundry facilities, a picnic area, a playground and a theater room. Upon delivery of Phase 2B, additional amenities such as a swimming pool, green space and a sports court, will also be available.
Other financing sources
Hunt Capital Partners facilitated the investment of federal tax credit equity through one of its funds. Other financing partners for this deal include Truist Financial, who contributed $7 million in tax-exempt construction financing and $5.7 million through a Freddie Mac permanent loan commitment. The Maryland Department of Housing and Community Development contributed a $2.5 million construction to permanent soft loan, while Prince George’s County provided a $1.8 million loan.
This is not the first time Hunt Capital and Pennrose have collaborated. In November, Pennrose opened a 90-unit multifamily development in Warner Robins, Ga., a project that benefited from federal and state tax credits syndicated by Hunt Capital.
