Pennrose Properties completes $25m Residence at Roosevelt Park
Pennrose Properties, in partnership with Middlesex County, completed Residence at Roosevelt Park, an independent living community in Edison, New Jersey. The $25m project is a conversion of the Roosevelt Hospital, built in 1937 as part of President Franklin D. Roosevelt’s New Deal. The facility will be age restricted to seniors older than 62 and features 84 one- and two-bedroom floorplans. Veterans have preferred status for up to 25 percent of the units. Five units are designated for the formerly homeless, and six will serve individuals with disabilities. Funding was provided by the New Jersey Housing and Mortgage Finance Agency, which granted the project with a 9-percent federal low income housing tax credit. The community will be managed by Pennrose Management Co.
“Residence at Roosevelt Park is an example of public-private partnerships done right. Together, with our partners at Middlesex County, we were able restore a decaying historic asset, provide quality affordable housing and simultaneously accomplish our shared missions to improve the lives of those in the community,” said Richard Barnhart, chairman and CEO of Pennrose.