The Real Deal Tristate

Former US Army base in Edison now site of new 172-unit rental project

May 21, 2019 05:54PM

Philadelphia-based developer Pennrose Development broke ground last week on a 172-unit project in Edison, according to Multi-Housing News. Pennrose said 22 apartments in the development, known as Truman Square, will be set aside for formerly homeless residents and 25 percent of the units will provide housing for veterans. Somewhat appropriately, MHN noted that the site itself was once known as Camp Kilmer, which processed more than 2.5 million soldiers during World War II. A nearby portion of the old Camp Kilmer site was redeveloped in 2014 into 120 homes for homeless families by the Alpert Group, Edison Affordable Housing and Monarch Housing Associates. The first phase of Pennrose’s Edison project will include 86 one-, two- and three-bedroom units and the developer said financing came in the form of a 9 percent federal low-income housing tax credit loan. [MHN]