Dec 19

Pennrose Celebrates Groundbreaking Ceremony for Cromwell Hills and Emerald Villages Redevelopments

Pennrose and the Chattanooga Housing Authority (CHA) celebrated the redevelopment groundbreaking ceremony for Cromwell Hills and Emerald Villages in Chattanooga, Tennessee. The comprehensive initiative will repair and upgrade 200 units at the Cromwell Hills apartment complex and redevelop 111 scattered-site units into the new Emerald Villages.

Speakers at the groundbreaking ceremony included: Mark Straub, Regional Vice President, Pennrose LLC; Betsy McCright, Executive Director, Chattanooga Housing Authority; Katie Moore, Industry and Government Affairs Liaison, Tennessee Housing Development Agency; Mayor Andy Berke, City of Chattanooga; Representative Yusuf Hakeem, District 28, State of Tennessee House of Representatives; Senator Bo Watson, District 11, State of Tennessee Senate; and Jim Levine, Board Chairman, Chattanooga Housing Authority.

“We’re excited to kick-off this multi-site redevelopment and look forward to another transformative partnership with the Chattanooga Housing Authority,” said Mark Straub, Regional Vice President at Pennrose. “We’re confident the renovations will significantly improve the quality of life for residents, revitalize the local neighborhoods, and benefit the City of Chattanooga for many years to come.”

Located at 3940 Camellia Drive, Cromwell Hills currently consists of 200 units and 10,726 square feet of community space with a leasing office, maintenance area, and gymnasium. Planned improvements for the site include the replacement of siding and upgrades to kitchens and appliances, baths, flooring, HVAC system, electrical service, plumbing, and insulation. The site will also receive additional parking, new paving, and repairs to the community space. In addition, all residents will have access to supportive services through CHA, such as health programs and self-sufficiency training.

The Emerald Villages redevelopment includes the complete transformation of 111 apartments scattered throughout four outdated CHA sites, including 44 units at Missionary Heights, 29 units at Glenwood East, 14 units at Glenwood North, and 24 units at Woodside Apartments. Similar to Cromwell Hills, the apartments will receive upgrades to kitchen and baths, new energy efficient appliances, and updates to the flooring, HVAC system, and plumbing. The rehabilitation will also address the replacement of siding, additional parking, and new paving, as needed.

“The use of Low Income Housing Credits to redevelop these properties will allow Pennrose and the Chattanooga Housing Authority to improve the quality of affordable housing options for residents,” THDA Executive Director Ralph Perrey said. “THDA is proud to be a part of this project and we look forward to seeing the positive impact it will have on Chattanooga and the working families that live there.”

Financing for both of the projects comes from a combination of LIHTC Equity from RBC, City funds of either CDBG for Cromwell and AHF for Emerald, State or Federal Housing Trust Funds from THDA, Housing Authority Acquisition loan, permanent loan from SunTrust/Fannie Mae and a construction loan from SunTrust for Cromwell and Bank OZK for Emerald.

Pennrose has developed 13 high-quality real estate developments in Tennessee and has successfully completed previous developments with the Chattanooga Housing Authority.

Posted In Real Estate & Related Services