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Pennrose Commences Development at Commons at Springdale in Cherry Hill, NJ
July 10, 2018
Pennrose and the Jewish Federation of Southern New Jersey were joined by city and local officials to celebrate the commencement of the building project at The Commons at Springdale in Cherry Hill, NJ. Located at 1721 Springdale Road, the project will include 160 new units of high-quality, affordable rental housing for older adults and adults with special needs.
Construction will begin with an initial 80 rental units. Twenty percent of the total units will be designed to support individuals with special needs by creating four smaller “cottages” out of four 1-bedroom units. The cottages will contain a shared common space where individuals can receive access to services and community programming in a safe setting. All units will be set at or below 60 percent of the area median income (AMI), with at least 40 percent set at or below 50 percent of AMI and at least 10 percent set at or below 30 percent of AMI. Phase one of the project is anticipated to open in the summer of 2019.
Speakers at the event included Glenn Fuhrman, Esq., President, Jewish Federation of Southern New Jersey; Mayor Chuck Cahn, Mayor, Cherry Hill Township; Senator James Beach, 6th Legislative District, NJ; Jacob Fisher, Regional Vice President, Pennrose Properties, LLC; Stan and Roz Middleman, Philanthropists; Etta Denk, Senior Vice President, Bank of America; Jennifer Dubrow Weiss, Chief Executive Officer, Jewish Federation of Southern New Jersey; Brad Molotsky, Vice President, Jewish Federation of Southern New Jersey; and Rabbi Larry Sernovitz, Executive Director, Nafshenu.
“Pennrose is committed to improving communities and transforming lives with high-quality, affordable housing,” said Jacob Fisher, Regional Vice President at Pennrose. “The Commons at Springdale Road will help meet a significant community housing demand for seniors and adults with special needs and make health and social services readily available to residents who call the community home.”
The Commons at Springdale Road will offer supportive services to residents and programming options available to residents, such as health and wellness, recreational, and arts and culture programs.
“The Jewish Federation believes in affordable housing for all and are committed to the independence and support of individuals in need,” said Jennifer Dubrow Weiss, Chief Executive Officer at Jewish Federation of Southern New Jersey. “We are so excited to offer this type of living for older adults and adults with special needs – it’s the first of its kind in our area – and will promote the relationships and strengths that each bring to our community. The Jewish Federation is so very appreciative of the support of Cherry Hill Township, Camden County, and the overwhelming positive response from our community.”
Financing for the Springdale Road development came from a variety of sources, including $2,407,000 in conventional financing, $1,000,000 in Township Affordable Housing Trust Funds, $500,000 in Camden County HOME funds, $1,580,000 in Federal Home Loan Bank Affordable Housing Program (FHLB AHP) funds, $1,250,000 from the Jewish Federation, and $12,610,656 in equity from the sale of 9% Low-Income Housing Tax Credits (LIHTC).