Nov 21

Pennrose Celebrates Grand Opening of Gateway Pointe I in Georgia

Pennrose, the City of Warner Robins, and the Development Authority of the City of Warner Robins Georgia celebrated the grand opening of Gateway Pointe, a 90-unit mixed-income community for families and veterans. Part of the Warner Robins Master Plan Development, the multi-phase initiative near Robins Air Force Base will include two 90-unit apartment complexes, 15,000 square feet of commercial space, and townhomes situated between the Georgia Veterans Education Career Transition Resource Center (VECTR) and Memorial Park on Armed Forces Boulevard.

Speakers at the event included: GarJay Flesher, Board Chair-Elect, Robins Regional Chamber; Amon Martin, Senior Developer, Pennrose; Randy Toms, Mayor, City of Warner Robins; Daron Lee, Post 1, Warner Robins City Council; Clifford Holmes, Post 5, Warner Robins City Council; Shaw Blackmon, District 146, Georgia House of Representatives; Fenika Miller, Vice Chairwoman, Development Authority of the City of Warner Robins Georgia; Colonel Patricia Ross, USAF, Retired, Chief Operating Officer, Georgia Veterans Education Career Transition Resource Center (VECTR); Chris Nunn, Commissioner, Georgia Department of Community Affairs; and R.J. Briscione, Senior Director, Social Determinants of Health, Aetna, a CVS Health company.

Gateway Pointe offers one-, two-, and three-bedroom affordable apartments at 50-60 percent of the Area Median Income, with 31 units set aside as unrestricted market-rate. In partnership with the adjacent VECTR Center, six units are reserved for active duty military personnel and veterans as they participate in VECTR programs, such as career counseling, educational coaching and workforce training.

“We’re proud to deliver new housing options for families and veterans in an area that has lacked high-quality new residential investment for decades,” said Amon Martin, Senior Developer at Pennrose. “We look forward to our continued partnership with the City of Warner Robins and the Development Authority of the City of Warner Robins as we create a mixed-use development that will benefit the community for years to come.”

Gateway Pointe residents will have access to a host of amenities, including a fitness center, community room, health and wellness room, and outdoor community space. The sustainable development complies with EarthCraft Communities standards and High Performance Building Design criteria. To ensure the development meets neighborhood needs as defined by local residents, Pennrose and the City engaged in a Community Transformation Plan. The plan includes the coordination of local services and resources to increase access to education, job training, housing, healthcare and transportation. The City also funded infrastructure improvements to create public spaces, enhance curb appeal, and improve vehicle and pedestrian traffic.

Financing for the project includes $2,500,000 of permanent debt from Bellwether Enterprise Real Estate Capital, LLC to be insured by the U.S. Department of Housing and Urban Development acting by and through the Federal Housing Commissioner under Section 221(d)(4) of the National Housing Act. $13,039,102 of private equity was also used as financing source of which $7,529,760 was provided by JP Morgan Chase through its investment in the federal tax credits syndicated by Hunt Capital Partners, LLC, and $5,509,342 was provided by Aetna, a CVS Health company through its investment in the Georgia state tax credits syndicated by Hunt Capital Partners, LLC.

Pennrose has in-depth experience developing affordable residential communities for veterans across the country, including Bowman Housing for Veterans in Maryland, Truman Square in New Jersey, and Bensalem Veteran Residences in Pennsylvania.

Posted In Real Estate & Related Services