Pennrose Prevails

By on Mar 18, 2021 in News

The demolition of a decrepit public housing project in Annapolis, Md., is making way for new memories and a brighter future for families. The project is six years in the making and will boost the quality and quantity of affordable housing in the city.

New growth in Annapolis

Yardi client Pennrose recently broke ground on the Newtowne 20 project. The redevelopment site will be home to 78 much-anticipated affordable housing units. Families can choose between one-, two- and three-bedroom floorplans. Most units will surround a central garden while others stack the perimeter. A 3,500-square-foot community center, basketball court and playground accentuate the property.

“Through persistence and determination, we have reached a great milestone in the rebuilding of this great community,” said Melissa Maddox-Evans, Executive Director/CEO of the Housing Authority of The City of Annapolis during the virtual groundbreaking ceremony. “We thank all of our partners for their hard work and support as we move forward with the construction

phase. We are glad our residents will be able to have this opportunity for a new start for themselves and their families.”

Patrick Stewart, Regional Vice President at Pennrose said, “We’re excited to continue our partnership with HACA as we transform outdated public housing into a vibrant, pedestrian-friendly neighborhood with high-quality affordable housing, community amenities and open green space.”

He continued, “Today’s milestone brings us one step closer to completing this full-scale revitalization and welcoming residents back into their new, modern homes.”

Neighborhood revitalization offers new opportunities to existing residents

The site of Newtowne 20 is the former home of 810 Brooke Court, a public housing project constructed in 1971. After more than 50 years, the site is receiving a new lease on life with high-quality, energy efficient units.

Existing residents of the neighborhood will benefit from the community revitalization. During the renovation, the residents of 810 Brooke Court moved into temporarily housing. They will have the opportunity to return to the new development once complete.

Revitalization is happening next door as well. The 144-unit Woodside Gardens received extensive renovations under the care of Berkadia, a Berkshire Hathaway and Jeffries Financial Group company. The property received $30 million refinancing in September.

Both projects will increase the amount and quality of affordable housing stock in Annapolis.

Financing that was worth the wait

The move towards revitalization began in 2015. The initial project failed, but by March 2019 the U.S. Department of Housing and Urban Development (HUD) approved a new application for demolition and reconstruction. The project is part of a special program that enables housing authorities to convert public housing into Section 8 housing.

Financing sources for the project include a mix of family bonds from The Maryland Department of Housing and Community Development, Rental Housing Works, Rental Housing Funds and Housing Trust Funds. Bank of American contributed a 4% low-income housing tax credit equity and a construction loan. Learn more about additional funding sources and details of the project.

Completion of Newtowne 20 is slated for spring 2022.