THE BUZZ >> POP QUIZ
Q&A with Mark Dambly, president of
Pennrose Properties, LLC
AFFORDABLE HOUSING FINANCE • JANUARY 2008
Meet Mark Dambly, president of
Pennrose Properties, LLC, one of the
nation’s most active developers of affordable
housing.
His Philadelphia-based firm owns approximately
10,000 units of affordable housing
and continues to develop throughout the
Northeast.
Pennrose has developed special-needs
and mixed-used properties and has been
involved in the preservation of affordable
housing.
Q How did you get started in the
affordable housing business?
A My current partner, Richard Barnhart,
and I were college roommates and
best friends. I had been in the home-building
business and wanted to try something different.
We had dinner, and he suggested I come
work with him in the affordable housing
business.
Q What innovative move has your company
made recently that others can
learn from?
A We have gone from having project
developers manage deals independently
to working in teams. This allows us to have
better coverage, people with different skillsets
working together and adding flexibility.
Q Tell us about one of your most recent
affordable housing developments.
A We were selected by Baltimore to
redevelop two contiguous properties,
one a former public housing site and the
other an FHA (Federal Housing
Administration) foreclosed property, which
combined had more than 500 units on 55
acres. When completed, we will have demolished
all the properties, installed all new
infrastructure, and redeveloped the site into
225 affordable and market-rate rental units
and 220 affordable and market-rate for-sale
units as well as a clubhouse. A true new
neighborhood.
Q What do you think is the biggest
misperception about affordable
housing?
A People not specifically in this sector
are not aware of the complications.
The affordable housing business is probably
the most challenging sector in the real
estate business. Complex financing structures,
innovative design, limited operating
funds, challenging resident issues, to name a
few.
Q What will be new for Pennrose in
2008?
A Increased commitment to our core
business, continued focus on employee
growth, and retention.
Q What is the last book you read?
A Last Child in the Woods by Richard
Louv.
Q If you had tomorrow off work, where
would we find you?
A At the beach with my wife and children.
Q If you were throwing a dinner party
and could invite anyone, who would
be on the guest list?
A My mother and father.
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