The project is being joint ventured by the Philadelphia-based Pennrose Properties and the Hunterdon County Housing Corp. The site had been eyed for such a project for more than a decade and began to take shape when the county agreed to sell it to the HCHC five years ago. HCHC subsequently signed a developer's agreement and ground lease with Pennrose.
"There has been a desperate need for this type of housing in this county," says state Sen. Leonard Lance (R-Flemington), the minority leader of the New Jersey State Senate. "This is an admirable project because it is accessible to Main Street and public transportation. It is the type of project we should all encourage."
Financing for the project is coming from a variety of sources, including the New Jersey Mortgage and Housing Finance Agency, the state's Department of Community Affairs, the Federal Home Loan Bank of New York and Peapack Gladstone Bank.
"With housing prices constantly rising throughout the state, we are happy to be involved in providing housing that seniors can afford," says Charles Lewis, vice president of Pennrose. His company has developed more than 7,000 affordable housing units in New Jersey, Pennsylvania, Delaware, Maryland and Washington, DC.
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