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NJ Future Redevelopment Forum 2017 Kolluri

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How Will We Generate New Affordable Housing?

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NJ Future Redevelopment Forum 2017 Kolluri

  1. 1. NEW JERSEY REDEVELOPMENT FORUM March 10, 2017 THE NUMBERS ARE COMING IN. HOW WILL WE GENERATE NEW AFFORDABLE HOUSING?
  2. 2. 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
  3. 3. MISSION Our committed team of exceptional professionals transforms communities by creating high quality real estate development and delivering outstanding value to our clients and partners.
  4. 4. Pennrose TodayPrivately 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
  5. 5. 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.
  6. 6. 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.
  7. 7. 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
  8. 8. • 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)
  9. 9. 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
  10. 10. 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)
  11. 11. 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

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