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PRESENTATION TO MERIDEN CITY COUNCIL Monday, June 15, 2015

• Over 35 years in business;

leader in multifamily and

homeownership development

• Recognized experts in

complex, multi-phase

suburban and urban

development

• Developed 14,000 units in

200+ communities

• Skilled in affordable,

mixed-income and market

development

Background

Mission Statement

Pennrose, in cooperation with its partners and key

stakeholders, develops high-quality, expertly managed

residential properties which provide long-lasting

enhancements to their communities and host

municipalities.

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• We are committed to high-quality developments: – Solidly financed, attractively designed ,and constructed for

energy efficiency and durability

• We stay for the long-term: – Our business model is based on sustained ownership and our

properties are designed to stand the test of time

• We understand that quality management is the key to our ongoing success: – Attentive maintenance, appropriate services, and a focus on

our residents set Pennrose developments apart

Core Principles

Pennrose Today

Privately held corporation, led by three principals:

Richard Barnhart, Chairman & CEO

Mark Dambly, President

Timothy Henkel, Sr. Vice President

Currently active in 11 states, with development offices in:

Philadelphia, PA,

Baltimore, MD

Chattanooga, TN

Affiliated property manager, Pennrose Management Company – “PMC”

Employs 450+ trained professionals

Manages the vast majority of the Pennrose portfolio and other sites

Development Capacity

• Pennrose closes on financing for between 12 and 16 new

developments per year, and currently has more than 21 financed

projects in some phase of construction at a combined value of more

than $1.4 billion.

• Pennrose has been a designated redeveloper in over 80

municipalities, and regularly helps cities transform underutilized sites

into thriving mixed-use economic development engines.

Principles in Practice

Pennrose demands the same high quality on all of its developments

Pennrose Design Standard developed over decades of first-hand experience and time-tested strategies

Periodically updated with input from:

• General contractors

• Architects

• Construction administrators / owner’s representatives

• Green design professionals

• Property management staff

Standard prioritizes sustainability and durability for long-term ownership

The Cloud Company, LLC’s Mission • The firm’s primary mission is mixed-use development projects in urban communities, with the high-interest of playing a transformative role in the community.

• 100% minority-owned real estate development firm, based in Hartford, CT

• Extensive knowledge and experience in real estate development, tax exempt financing, state and local economic incentives, and community engagement.

• Currently active in Connecticut

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The Cloud Company

• Sanford Cloud, Jr. is a lawyer, public servant, and corporate officer, that has played major roles in the development of the Upper Albany Shopping Center and the redevelopment of the historic University Club, in downtown Hartford, into commercial office space. – Oversaw over $100 million investments through Aetna’s national

Neighborhood Development Program.

• Christopher R. Cloud brings over a decade of diverse community engagement.

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Principals

Sample Developments

• 242 class A rental units

• 10,000 Sq. Ft. Retail Space

• Amenities:

– Community room

– Fitness center

– Indoor basketball court

– Outdoor Kitchen

– Rooftop terrace

– Pool

PLANT 64 W i n s t o n - S a l e m , N C

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ST. LUKE’S HOSPITAL 1 3 9 U n i t s

C l eve l a n d , O H

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ST. LUKE’S HOSPITAL 1 3 9 U n i t s

C l eve l a n d , O H

B E F O R E A F T E R

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JOHN C . ANDERSON APARTMENTS 5 6 U n i t s

P h i l a d e l p h i a , PA

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• 12-story off-campus student housing

• 671-beds

• 26,000 sq. ft. retail

• Fully equipped kitchens

• 845-car parking garage

• Tech Gym & Spa Fitness Center

ROCKOFF HALL N ew B r u n s w i ck , N J

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THE VUE N ew B r u n s w i ck , N J

• Completed 2012

• 14 Residential Stories

• Rental & For Sale

• 58,000 SF of Retail & Office

Space

• 657-car Parking

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• Opened Spring 2013

• 14 residential stories

• 104 Rental Units

• Street Front Retail

• Completion of Transit Village Campus

THE GEORGE N ew B r u n s w i ck , N J

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THE JEFFERSON New Britain, CT

• Pennrose/The Cloud Company

Collaboration

• Opened Spring 2014

• 70 Residential Units

• Senior (62+)

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PEARL STREET Hartford, CT

• Pennrose/The Cloud Company

Collaboration

• 201 Residential Units

• 18,000 Commercial

• Community Amenities

• Pre-development

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Looking west from corner of State and Mill Streets

HUB SITE

Looking west from corner of State and Mill Streets

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Site Plan

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• 90 units

• 72 one bedroom

• 18 two bedroom

• Ground floor retail/restaurant

• 8,400 sq. ft. retail

• 3,500 sq. ft. restaurant

• 87 parking spaces

Phase I

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• 80 units

• 64 one bedroom

• 16 two bedroom

• Ground floor retail/restaurant

• 3,500 sq. ft. retail

• 3,000 sq. ft. restaurant

• 75 parking spaces

• Pavilion Café

• 1,600 sq. ft. restaurant

• 7,500 sq. ft. patio

Phase II

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Sample Unit Plans

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Financials

Total Development Cost: $ 45 million

Sources:

1st Mortgage $ 25 million

CHAMP Funds $ 5 million

Deferred Dev. Fees $ 3 million

Equity $ 12 million

Total $ 45 million

Rents:

Size # Units Range

1 BR/MR 136 $1,200 - $1,400

2 BR/MR 34 $1,490 - $1,600

Thank You

City of Meriden