Pennrose has taken a step forward in its plans to build a 70-unit affordable family and veterans housing development in Dover, N.J.
The development firm announced that it has closed on financing for Dover Veterans Housing and will soon begin construction.
The project is part of downtown Dover’s master redevelopment plan and will transform an underutilized parking lot into housing, with 100% of the units affordable to residents with earning at or below 60% of the area median income (AMI). Half of the units will have a preference for veterans. Five units will also be set aside for formerly homeless residents. Triple C Housing will provide on-site supportive services for all residents of the development.
“We are very excited to be able to support this great development project, which will provide high-quality housing for our veterans,” said city mayor Carolyn Blackman. “Pennrose and our team are working hard to ensure this project moves forward expeditiously. We are proud to be working with Pennrose and are looking forward to seeing a dynamic building.”
Dover Veterans will include one-, two-, and three-bedroom family units with on-site parking, community space in the building, laundry facilities on each floor, bicycle storage, and on-site management space. In addition, every unit in the development will receive Energy Star certification, and the development will be constructed to meet Enterprise Green Communities standards. At least 5% of the units will be accessible to residents with physical disabilities. All units in the project will be completely adaptable.
“At Pennrose, our goal is to partner with communities to build high-quality housing that improves lives,” said Jacob Fisher, regional vice president at Pennrose. “We are thrilled to support Dover’s redevelopment plan by transforming an underutilized site into robust housing that gives families much-needed supportive services, amenities, and access.”
The four-story building will mirror the existing downtown architecture to ensure the building fits seamlessly with its surroundings. It will also provide the added density needed to help the town of Dover achieve its goals of reducing auto dependency, complementing neighborhood commercial uses, and creating a walkable downtown.
The approximately $21.2 million development is being financed with low-income housing tax credit allocated by the New Jersey Housing and Mortgage Finance Agency. Syndicator Hudson Housing Capital and investor Santander Bank raised approximately $12.5 million in housing credit equity. Santander is also providing a construction loan. Additional financing includes $370,032 in Morris County HOME funds and about $6.7 million in permanent debt from Grandbridge Real Estate Capital through a Freddie Mac transaction.
Pennrose has a track record developing high-quality, affordable veterans housing communities throughout the country. The firm also developed Residence at Roosevelt Park and Truman Square in Edison, N.J.
