Pennrose Completes 120-Unit Pointe View at Aspen Hill in Silver Spring, Maryland

SILVER SPRING, Md. — Pennrose has opened the doors on Pointe View at Aspen Hill in Silver Spring, located just north of Washington, D.C.

The mixed-use property features 120 units, of which 108 are reserved for those age 62 and older making between 30 and 60 percent of the area median income. The remaining 62 units are for “very low income” residents, though the developer did not specify the requirements associated with that designation.

Pennrose has partnered with The Senior Connection to provide on-site supportive services.

Pointe View at Aspen Hill is served by both the Montgomery County Transit Ride-On and WMATA bus lines, providing access to retail, dining, entertainment, healthcare and the county’s largest senior center. The development is also located close to the Layhill Shopping Plaza and Plaza Del Mercado.

Financing for the project includes $16.2 million in tax credit equity from SunTrust, $1.7 Million from Montgomery County DHCA, and $8.4 million in conventional permanent debt.