Pennrose started construction on 12 developments with 1,340 affordable housing units last year.
A national developer and manager of affordable and mixed-income housing, the firm ranks No. 9 on the AHF 50 developers list and No. 23 on the owners list.
This year marks a change for Pennrose as former president Tim Henkel takes over leadership of the organization as CEO. Charlie Adams, who recently served as New England regional vice president, has been elevated to president.
As part of the succession plan, executive chairman of the board Richard K. Barnhart and former CEO Mark H. Dambly have transitioned from day-to-day responsibilities of the organization to active members of the Pennrose board.
While this signals a new chapter for the firm, Henkel and Adams are both company veterans. Henkel has been with Pennrose for 25 years, having joined the organization fresh out of business school.
“I came to the company interested in development,” he says. “To me, that meant creating new things. That’s what we do.”
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Pennrose, Rivet Development Partners, and TGTHR recently celebrated the opening of Nest56 at Denargo Market, a supportive housing development for transition-age youth at risk of homelessness in Denver.
Leveraging an MBA and a career in civil engineering, Henkel became part of the organization before anyone there had formal titles. He says he has stayed because his role has continued to evolve, bringing both challenges and satisfaction.
“We’re proud to be in this business,” he says. “Our team feels good about the work we are doing and the difference we are making. We are inspired by thinking ‘how can we continue to do more and how can we do it better?’”
Headquartered in Philadelphia, Pennrose has successfully partnered with communities across the country to develop a number of unique projects. Last year alone, the team worked on Nest56 at Denargo Market, a 56-unit supportive housing development for transition-age youth at risk of homelessness in Denver; The Pryde, a 74-unit LGBTQ-affirming senior housing community in Boston; and McAuley Station, a 171-unit mixed-income development that’s next to partner Mercy Care’s health center in Atlanta.
“We’ve always been the kind of developer that works really hard to understand what the request is and what the vision is,” Henkel says. “Almost everywhere we go is a place where there is a vision intact—a redevelopment authority, a local community development entity, a nonprofit that sees a housing need. Those places come with strong ideas. Those ideas come with a lot of support, but often they don’t interact perfectly with housing or affordable housing finance. We’ve chosen to work really hard to not leave those visions on the cutting-room floor.”
As development and operating costs increase, the company has been seeking to develop larger projects to achieve economies of scale. An example is the 164-unit Golden Hill development, a multigenerational community that Pennrose is building on a 20-acre site that was formerly the Ulster County Jail in Kingston, New York. The company and partner Family of Woodstock broke ground on the project last October.
Looking ahead, the firm expects to have another big year, starting construction on as many as 25 developments in 2025.
“I have known and worked with the accomplished Pennrose team for nearly three decades, and I am incredibly grateful for the partnership and the remarkable journey we have shared together,” says Ryan Sfreddo, CEO of Red Stone Equity Partners. “What you get with Pennrose is a best-in-class team of professionals who conduct their work with impeccable precision, transparency, and integrity in helping us attain our shared goal of building high-quality affordable housing for those who need it most.”
The company will also continue to organize its leadership team and refine its processes, according to Henkel.
A few other recent moves have included promoting Karmen Cheung from senior developer to New England regional vice president, overseeing development activities in Connecticut, Massachusetts, and Rhode Island.
The company also recently appointed developer Will Eckstein as regional vice president of the Southeast. It named Kevin Tarangioli as the enterprise’s first director of security and safety. He will oversee the development, implementation, and monitoring of comprehensive security procedures, including preventive measures during site selection as well as site and building design. Industry veteran Tricia Yarger joined the firm as vice president, head of capital markets, another new position. In addition, Marsha Blunt was appointed president of Pennrose Management Co., and Margot Elton-Ratliff was promoted to vice president of operations last year.
“I’m really interested in how development entities within our industry are becoming development companies and making sure that we have governance structures in place that are consistent with sustaining enterprise,” Henkel says. “For me, I think that’s my first job, to organize ourselves so that we can be a very stable part of the industry as a resource, a producer, and an owner.”
