Final Phase to Add 158 Affordable Apartments to $110M Glenarden Hills Community
Pennrose, Redevelopment Authority of Prince George’s County, B&W Solutions, and SHABACH! Ministries have broken ground on Glenarden Hills Phase III in Glenarden, MD. The final rental phase of the $110 million, six-phase Glenarden Hills master-planned community will add 158 affordable apartments to the site.
Once complete, the Glenarden Hills master plan will include 424 senior and family affordable apartments, market-rate and affordable rental townhomes, and homeownership townhomes across 27 acres.
Financing for Glenarden Hills Phase III was provided by Bank of America, M&T Realty Capital Corporation, Cedar Rapids Bank and Trust, Maryland Department of Housing and Community Development, Prince George’s County Department of Community Development and the Redevelopment Authority of Prince George’s County.
The third phase is a twin transaction, made up of two separate projects, one that utilizes the competitive 9% low-income housing tax credit and one that uses the 4% low-income housing tax credit.