GLENARDEN, Md. — Pennrose, Redevelopment Authority of Prince George’s County, B&W Solutions and SHABACH! Ministries has opened Residences at Glenarden Hills II, an affordable housing expansion in the Washington, D.C. suburb of Glenarden.
The development is the second of the six-phase Glenarden Hills master-planned community, which will include senior and family affordable apartments, market-rate and affordable rental townhomes and for-sale townhomes across 27 acres.
The Residences at Glenarden Hills II extends and completes the four-story building built in Phase I, adding an additional 55 units of affordable seniors housing, a wellness room and theater room to the existing 46-unit building.
Once complete, the Glenarden Hills master plan will include over 424 apartments and for-sale homes in a range of building types. The development is located on the formerly vacant site of the Glenarden Apartments complex, which was acquired by the Redevelopment Authority of Prince George’s County and demolished in 2014.
Funding for the $15 million expansion project included 4 percent Low Income Housing Tax Credits and multifamily bonds from the Maryland Department of Housing and Community Development. Other sources include Rental Housing Works from the Maryland Department of Housing and Community Development, infrastructure funds from Prince George’s County, HOME funds from Prince George’s County, and a tax-exempt loan backed by Freddie Mac underwritten by Truist Bank.
The low-income housing tax credits were syndicated by Hunt Housing Capital, and Aetna is a major investor within the equity fund. Additionally, a substantial construction loan was advanced by Truist, providing financing through construction.
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