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Pennrose Breaks Ground on Bensalem Veterans Residences
August 6, 2019
Pennrose, Pennsylvania Housing Finance Agency, Bucks County, and Bensalem Township celebrated the groundbreaking of Bensalem Veterans Residences. Located near the intersection of Mechanicsville Road and Street Road in Bensalem, the development will create 40 units of high-quality, affordable housing for seniors and senior veterans 62 years and older. Local service providers, including the Veterans Affairs Department of Bucks County and Veterans Multi-Service Center, will provide on-site supportive services to residents.
Key support for the project was provided by Robert G. Loughery, Commissioner Chairman of the County of Bucks, the Bensalem Township Council, Joe DiGirolamo, Mayor, Bensalem and the Bensalem Veterans Affairs Advisory Board.
Speakers at the event included: Robert G. Loughery, Commissioner Chairman, County of Bucks; Brian Fitzpatrick, U.S. Representative, Pennsylvania 1st Congressional District; Joseph Knowles, President of Bensalem Township Council; Raymond Bates, Bensalem Veterans Affairs Advisory Board, Brian A. Hudson, Sr., Executive Director, Pennsylvania Housing Finance Agency; Christopher Memoli, Senior Vice President, Santander Bank, N.A.; Ryan McGoldrick, Director of Supportive Services for Veteran Families, Veterans Multi-Service Center; and Mark H. Dambly, President, Pennrose, LLC.
The new 39,673-square-foot development will be a 3-story building with 40 one-bedroom units. Resident amenities include a community room with exterior patio; lounges and laundry rooms on each floor; a fully equipped fitness room; and a community service office with a conference space where local veteran organizations can meet.
“We are thrilled to have the opportunity to help Bucks County and Bensalem transform a vacant, underutilized site into a true community asset for area veterans and seniors,” said Mark H. Dambly, President at Pennrose. “The high-quality units are within walking distance to grocery stores, banks, the commercial corridor, and other amenities making it an ideal location for seniors.”
Bensalem Veterans Residences is conveniently located near major highways and public transportation, including the 130 SEPTA bus line and the 50 SEPTA bus line, allowing residents to easily travel to Frankfort Transpiration Center and Center City Philadelphia.
Pennrose has experience developing several affordable communities for veterans, including Residence at Roosevelt Park in Edison, NJ and the Warner Robins Master Plan in Warner Robins, GA. Most recently, Pennrose celebrated the groundbreaking of Truman Square located on the former U.S. Army Camp Kilmer base in Edison, NJ.
This project is being financed with Low Income Housing Tax Credits awarded by the Pennsylvania Housing Finance Agency. Hudson Housing Capital is the syndicator of these credits and Santander Bank is the investor. Citi Bank is providing construction and permanent financing. The County of Bucks is providing HOME funds and The Bucks County Housing Authority is providing funding and Project-Based Vouchers.