Pennrose Lands Financing for Philly-Area Senior Community
- Dec 11, 2020
A partnership of Pennrose, the Delaware County Housing Authority (DCHA), The County of Delaware and the Pennsylvania Housing Finance Agency has secured financing for the fourth and final phase of the Kinder Park redevelopment in Ridley Park, Pa. Set for delivery in spring 2022, phase IV will encompass 96 affordable units for seniors.
Located 15 miles west of downtown Philadelphia, Kinder Park already includes 160 affordable apartments for seniors and individuals with disabilities, 154 family townhomes, a community building and several community parks.
The planned building will offer one- and two-bedroom units across six stories, available for residents earning less than 60 percent of the area median income. DCHA’s Annual Contribution Contracts will subsidize 51 apartments, the remaining units being sponsored by Project Based Vouchers. The property will also include a PACE senior care center, offering supportive services funded by DCHA.
Designed to meet Enterprise Green Communities standards, the building’s roof will feature a photovoltaic array. Common-area amenities will include a community room, dining facility, library, fitness room and laundry facility.
DCHA, the Pennsylvania Housing Finance Agency, The County of Delaware, the Commonwealth of Pennsylvania, as well as Hudson Housing Capital and Citizens Bank contributed funding for the project. The team behind the project included WRT as architect, Kelly and Close Engineers and McDonald Building Co. as general contractor.
DCHA appointed Pennrose to act as developer of Kinder Park in 2012. The duo’s collaboration started almost two decades ago and accounts for the delivery of roughly 500 affordable units. In September, Pennrose secured financing for a fully affordable, 70-unit community in Dover, N.J., offering housing for veterans.