Pennrose broke ground this week on a 76-unit and 100% affordable-rate apartment building in a suburban township east of the city, according to a company announcement.
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The four-story building will offer one-, two- and three-bedroom units at the intersection of East Gate Drive and Harper Drive in Moorestown, New Jersey, about a 25-minute drive east of Philadelphia.
Units will be available at affordable rates for families making 30% to 60% of the area median income in Burlington County. Locally, those income limits would range from $24,090 to $48,180 for a one-person household, according to the press release.
Five units will be set aside for formerly homeless people and another six units will be made available to residents with physical disabilities.
Pennrose said the $28M project will be the first large-scale development in Moorestown to build using Low-Income Housing Tax Credit funding.
The New Jersey Housing and Mortgage Finance Agency has provided $10M in tax credit equity as well as $3.5M from its affordable housing protection fund for the Pennrose project, which is also receiving support from the township of Moorestown and from Burlington County‘s HOME program.
“We’ve heard from residents about the need for more affordable housing opportunities, and projects like the Residences at Harper will help meet that need,” said Felicia Hopson, the county commissioner director for Burlington County. “This is why the HOME Investment Partnership Program exists.”
RBC Capital Markets is providing the tax credit equity.
Citizens Bank is providing the construction loan at just over $6M, a spokesperson for Pennrose told Bisnow.
The development team plans to open the building for residents by spring 2025.
DEVELOPMENT
DePaul Group plans to build an apartment project on 7.5 undeveloped acres in northern Philadelphia in an area zoned for single-family housing only.
If approved for a zoning change, the development will add some 85 units to a single building at 8400 Roosevelt Blvd., according to the Philadelphia Business Journal.
The project is set for a May 8 review by the Philadelphia Civic Design Review Committee. The building would also have to be approved for a zoning change, and that meeting is set for July. The Rhawnhurst Civic Association voted in favor of the project in March, according to the Northeast Times.
Plans for the project detail 52 one-bedroom units ranging from 700 to 860 SF, as well as 33 two-bedroom units ranging from 1,130 to 1,155 SF.
The project plans 168 parking spots, more than the minimum 85-space requirement set by the city, as well as a 24K SF common space.
THIS AND THAT
Real estate investment platform Yieldeasy has rebranded as Finresi, according to local business publication Technical.ly.
The Newtown-based company switched over its strategy to expand its real estate services in the last year and rebranded within the last two weeks. The platform hasn't changed, but it now offers a wider variety of real estate services in smaller and fast-growing markets, the firm’s founder, Jeff Gopshtein, told the publication this week.
The firm went from being a marketplace for purchasing apartment buildings to offering a service for investors to invest in property loans and otherwise participate in real estate debt financing.
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