November 17, 2024 5:25 am
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Pennrose breaks ground on Phoenix affordable housing

Rendering courtesy of Pennrose Properties

By Radu Corfus | MultiHousing News

Pennrose Properties has broken ground on Garfield Housing Phase II, a 60-unit affordable housing project for seniors in Phoenix. The development team includes the City of Phoenix, Butler Housing Co., CBC Financial Corp. and the Arizona Department of Housing.

The architect is Dekker Perich Sabatini, W.E. O’Neil serves as general contractor and Dunlap & Magee is the property manager. The community’s completion is scheduled for winter 2024.

Financing of the $28 million project encompasses:

  • LIHTC equity and construction loan from Bank of America
  • Permanent loan from Cedar Rapids Bank and Trust 
  • HOME loan from the City of Phoenix
  • $500,000 in Congressional Program Funds.

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