Pennrose Closes Financing for Affordable Veterans Project
The 70-unit project in Dover, N.J., is part of the town's larger master redevelopment plan.
Pennrose and the Town of Dover, N.J., have secured financing for the development of a fully affordable, 70-unit community. Half the apartments at Dover Veterans Housing will be set aside for veterans, and all units will be restricted to residents earning 60 percent or less than the area median income. In addition, five units will be reserved for formerly homeless residents.
The financing package includes LIHTC equity allocated by the New Jersey Housing and Mortgage Finance Agency and Morris County HOME funds, as well as permanent Freddie Mac debt provided by Grandbridge Real Estate Capital. The syndicator for the tax credits is Hudson Housing Capital and Santander, which is also providing construction debt, is the purchaser.
According to public records, the Town of Dover sold the 1-acre plot, the site of an underutilized parking lot, in early August. The developer closed on nearly $1.1 million in financing one week later from Grandbridge Real Estate Capital and New Jersey Transit Corp.
Located at the intersection of Prospect and Chestnut streets, the upcoming project is part of Dover’s master redevelopment plan. The community will offer one- to three-bedroom units, with amenities including on-site parking and laundry facilities on each floor.
Pennrose remains an active player in mixed-income and affordable housing development. In June, the company moved forward with the first phase of the 8,000-unit Bayfront project in Jersey City, N.J., the tri-state region’s largest mixed-income development.