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Pennrose Celebrates Grand Opening of Square at Merritt Mill
February 7, 2020
Pennrose and the Wicomico County Housing Authority celebrated the grand opening of Square at Merritt Mill, a mixed-income residential community located in Salisbury, Maryland. The new development delivers 75 units of affordable and workforce housing, with many units designated for Wicomico County Housing Authority residents through HUD’s innovative Rental Assistance Demonstration (RAD) program.
Speakers at the event included Kenneth C. Holt, Secretary, Maryland Department of Housing and Community Development; Don Bibb, Executive Director of Wicomico County Housing Authority; Mark Thompson, Chairman, Wicomico County Housing Authority Board of Directors; Andrea Adams, Senior Vice President at Bank of America; Julia Glanz, City Administrator for City of Salisbury; Carol Payne, Director, U.S. Department of Housing and Urban Development Baltimore Field Office; and Patrick Stewart, Senior Developer at Pennrose.
“We’re thrilled to continue such a close partnership with the Wicomico County Housing Authority and create another high-quality rental community in an area in need of desirable, affordable housing,” said Patrick Stewart, Senior Developer at Pennrose. “We look forward to welcoming residents to their new homes and inviting them to enjoy all of the fantastic on-site amenities and features Square at Merritt Mill has to offer.”
Square at Merritt Mill offers a mix of sixty-seven (67) one-, two- and three-bedroom affordable/workforce apartment homes available to residents earning up to 60% of Area Median Income, and eight (8) market rate units. Additionally, 12 units are reserved for individuals with disabilities.
Each apartment includes modern features for residents to enjoy, including in-unit washer and dryer, energy star appliances, individual entrances and spacious layouts. Additional on-site amenities include parking and ample storage space as well as a 2,700 square foot community clubhouse that offers access to a fitness room, community room, conference room, kitchenette, and management suite. Conveniently located within 0.4 miles of the Health South bus stop, residents can easily access downtown Salisbury, northern Salisbury and the airport.
Financing for the project includes a construction loan from Bank of America, a permanent loan from Bank of America, Rental Housing Program Funds from the Maryland Department of Housing and Community Development, Partnership Rental Housing Funds from the Maryland Department of Housing and Community Development, and an equity investment from Bank of America via 9% competitive Low Income Housing Tax Credits.
“The Square at Merritt Mill is just another example of public/private partnerships at its best,” said Don Bibb, Executive Director of Wicomico County Housing Authority. “The new community will lend such opportunity to the residents and enhance the community streetscape. Again the “Dream Team” does it like no other!”
Pennrose has a history of working with the Wicomico County Housing Authority to create affordable housing developments in Salisbury. In January 2017, both teams celebrated the grand opening of Stone Grove Crossing, an award-winning development that brought 84 affordable housing units AMI to Wicomico County to replace the aging Booth Street public housing complex.