10B — May 29 - June 11, 2020 — Owners, Developers & Managers — M id A tlantic Real Estate Journal


O wners , D evelopers & M anagers

Community delivers much-needed affordable & workforce housing to the Eastern Shore Pennrose celebrates grand opening of Square at Merritt Mill S

ALISBURY, MD — Pennrose and the Wic- omico County Hous- ing Authority celebrated the grand opening of Square at Merritt Mill, a mixed-income residential community lo- cated in Salisbury. The new development delivers 75 units of affordable and workforce housing, with many units des- ignated for Wicomico County Housing Authority residents through HUD’s innovative Rental Assistance Demonstra- tion (RAD) program. Speakers at the event in- cluded Kenneth Holt , Secre- tary, Maryland Department

of Housing and Community Development; Don Bibb , Executive Director of Wic- omico County Housing Au- thority; Mark Thompson , Chairman, Wicomico County Housing Authority Board of Directors; Andrea Adams , senior vice president at Bank of America; Julia Glanz , City Administrator for City of Salisbury; Carol Payne , Director, U.S. Department of Housing and Urban Develop- ment Baltimore Field Office; and Patrick Stewart , senior developer at Pennrose. “We’re thrilled to continue

such a close partnership with the Wicomico County Housing Authority and create another high-quality rental commu- nity in an area in need of desirable, affordable housing,” said Patrick Stewart, Senior Developer at Pennrose. “We look forward to welcoming residents to their new homes and inviting them to enjoy all of the fantastic on-site ameni- ties and features Square at Merritt Mill has to offer.” Square at Merritt Mill offers a mix of sixty-seven one-, two- and three-bedroom affordable/ workforce apartment homes available to residents earn- ing up to 60% of Area Median Income, and eight (8) market rate units. Additionally, 12 units are reserved for indi- viduals with disabilities. Each apartment includes modern features for residents to enjoy, including in-unit washer and dryer, energy star appliances, individual en- trances and spacious layouts. Additional on-site amenities include parking and ample storage space as well as a 2,700 s/f community clubhouse that offers access to a fitness room, community room, con- ference room, kitchenette, and management suite. Con- veniently located within 0.4 miles of the Health South bus stop, residents can easily access downtown Salisbury, northern Salisbury and the airport. Financing for the project includes a construction loan from Bank of America, a per- manent loan from Bank of America, Rental Housing Pro- gram Funds from the Mary- land Department of Housing and Community Development, Partnership Rental Housing Funds from the Maryland Department of Housing and Community Development, and an equity investment from Bank of America via 9% com- petitive Low Income Housing Tax Credits. “The Square at Merritt Mill is just another example of public/private partnerships at its best,” said Bibb. “The new community will lend such opportunity to the residents and enhance the community streetscape. Again the “Dream Team” does it like no other!” Pennrose has a history of working with the Wicomico County Housing Authority to create affordable housing developments in Salisbury. 

Grand opening of Square at Merritt Mill


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