Pennrose Properties
Loan Approved: July 3, 2018
Using its FHA capital source, MHP is making a $4.4 million permanent loan with a 40-year term to Pennrose for the construction of 65 residential rental units on town land. The project was completed in 2020.
TYPE: New construction.
WHAT: 65 rental units. News release.
AFFORDABILITY: At least 26 unites will be affordable to residents earning at or below 60 percent of the area median income (AMI).
MHP FINANCING: A permanent first mortgage loan of $4.4 million.