Pennrose Opens 55-Unit Affordable Senior Housing Community in Philadelphia's Overbrook Neighborhood
Pennrose Properties, in partnership with the Presbytery of Philadelphia and the Wynnefield Overbrook Revitalization Corporation (WORC), has celebrated the grand opening of Good Shepherd, a 55-unit, 100% affordable senior housing community at 6441 Lansdowne Avenue in Philadelphia's Overbrook neighborhood. The development, which is now leasing, delivers housing for adults aged 62 and older on the historic site of the former Good Shepherd Presbyterian Church, which was destroyed by fire in 2016.
Project Overview
Good Shepherd offers 55 one-bedroom apartment homes averaging 605 square feet, available to households earning at or below 20%, 50%, and 60% of the Area Median Income (AMI). Monthly rents range from approximately $430 to $1,290 for a one-person household, depending on income tier. The apartments feature modern finishes, high-quality fixtures, and are fully accessible and adaptable.
The four-story, 53,000-square-foot building is designed to meet Enterprise Green Communities and Zero Energy Ready Home standards. Residents have access to on-site amenities including a fitness room, multi-purpose community room, outdoor patio with seating, on-site parking, and flex space.
"When the original church was lost, neighbors and community leaders came together with a shared vision to honor that legacy and address a real and urgent need for affordable senior housing in Overbrook. Today, that vision is a reality," said Lindsey Samsi, regional vice president of Pennrose. "We are proud to welcome residents home and to be part of this neighborhood's continued growth."
Addressing a Critical Affordable Housing Shortage
The development comes amid affordable housing pressure in Philadelphia. According to figures cited at the grand opening, more than 59,000 households remain on the city's waiting list for affordable housing. In Overbrook specifically, 62% of renters are rent-burdened, meaning they spend more than 30% of their income on rent.
Following the 2016 fire that destroyed the Good Shepherd Presbyterian Church, church leaders selected Pennrose to transform the site and help address the area's shortage of quality, affordable housing.
On-Site Supportive Services for Seniors
A key component of the Good Shepherd development is the delivery of on-site supportive services designed to help seniors age in place. Pennrose Management Company (PMC) will work with local community partners — including WORC and the Neighbors of Overbrook Association — to identify resident needs and provide tailored resources, including social, health, and educational programming. Good Shepherd Presbyterian Church, now part of New River Presbyterian Church, will also serve as an on-site community partner, providing social services and support to residents.
Financing Structure
The Good Shepherd project was financed through a layered capital stack combining permanent debt, public subsidy, and tax credit equity. Permanent debt was provided through a Pennsylvania Housing Finance Agency (PHFA) Permanent Mortgage. Public subsidy sources included Philadelphia DHCD HOME funds, PHARE HTF, RACP, and Board of City Trust funding. Equity was provided through Low-Income Housing Tax Credit (LIHTC) equity and State Tax Credit equity.
Speakers at the grand opening included Lindsey Samsi, Regional Vice President of Pennrose; Reverend Ruth Faith Santana-Grace, Executive Presbyter of the Presbytery of Philadelphia; Reverend Dr. Eustacia Moffett Marshall, Senior Pastor of New River Presbyterian Church; Gerald Murphy, Executive Director of WORC; Pennsylvania State Senator Vincent Hughes; Philadelphia City Councilmember Curtis Jones; Anjelica Sanders on behalf of Representative Morgan Cephas; Robin Wiessmann, Executive Director and CEO of PHFA; Clarance Burleigh, Director at Bank of New York Mellon; Chris Tully, Managing Director at RBC Capital Markets; Matthew Di Santo, Developer at Pennrose; and Charlie Adams, President of Development at Pennrose.
Pennrose's Broader Philadelphia Pipeline
Pennrose is also working with the Philadelphia Housing Authority on Phase III of the Sharswood Transformation Plan, known as Sharswood Crossing, which is expected to deliver new mixed-income rental homes, affordable and market-rate homeownership units, and more than 200,000 square feet of mixed-use development upon completion.