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Pennrose Promotes Stewart to Lead Development in Maryland

Jan 05, 2021


Patrick Stewart

Pennrose is pleased to announce the promotion of Patrick Stewart to Regional Vice President of the Maryland Region. Patrick Stewart will assume responsibilities for the region following the recently announced promotion of Ivy Dench-Carter to Senior Vice President for Development.

“This opportunity to recognize and promote Patrick demonstrates the growth and opportunities within our development management structure,” said Ivy Dench-Carter, Senior Vice President for Development at Pennrose. “His elevated role will increase our ability to deliver high-quality customer service to our financial, state and local municipal partners in Maryland.”

Stewart joined Pennrose in 2013 and has since served in Pennrose’s Baltimore office most recently as a Senior Developer. He has been active in all facets of the real estate development process, including financial analysis and feasibility, assembling, and leading the development team, securing entitlements, and overseeing construction, lease-up, and stabilized occupancy. His current portfolio of projects managed for Pennrose includes over 700 units completed or under construction totaling over $178M and an additional 750+ units in pre-development with a combined value of over $185M.

“I look forward to working with my colleagues to expand the mission of providing quality affordable housing within this region,” said Stewart. “I look forward to the continued leadership from Ivy Dench-Carter to support our customers.”

Prior to joining Pennrose in 2012, Stewart acted as Project Manager under the New York City Mayor’s Office of Capital Project Development, where he worked to implement multiple federally funded rebuilding projects aimed at revitalizing Lower Manhattan after the terrorist attacks of September 11, 2001.

Stewart’s background is in urban planning and real estate, having earned a Master’s of City and Regional Planning from the University of Pennsylvania, where he also earned a Certificate in Real Estate Design and Development through a joint program of the Wharton School of Business and the Graduate School of Design. Stewart earned his Bachelor of Arts from Kenyon College. Stewart is also active in the Maryland Affordable Housing Coalition and serves on the Board of the Anne Arundel Affordable Housing Coalition.