Pennrose Development and Property Management Co. broke ground on a $15 million apartment building in Bensalem that will cater to veterans.
Bensalem Veterans Residences will be a three-story, 39,673-square-foot building at 3095 Mechanicsville Road that will have 40 one-bedroom units, a community and fitness rooms as well as other common areas. The property is near Street Road and within walking distance to grocery stores, other retail outlets and public transportation. It will cater to seniors and veterans who are at least 62 years old.
The development is being financed with several funding sources including low Income housing tax credits awarded by the Pennsylvania Housing Finance Agency. Hudson Housing Capital is the syndicator of the credits and Santander Bank is the investor. Citi Bank is providing construction and permanent financing. Bucks County and the Bucks County Housing Authority have provided other funds for the project.
This article was originally published in the Philadelphia Business Journal.
Posted In Real Estate & Related Services