Press Releases

FOR IMMEDIATE RELEASE
April 30, 2001

THE SHELTER GROUP TO DEDICATE ITS NEWEST AFFORDABLE SENIOR COMMUNITY

BALTIMORE, MD --- The Shelter Group will officially dedicate its newest affordable senior housing community: Park View at Coldspring, in Baltimore City on Tuesday, May 8, 2001 at 1:00pm. The dedication will take place on the plaza at the south end of the property located at 4803 Tamarind Road. The dedication ceremony will include remarks by Paul Graziano, the Commissioner of the Baltimore City Department of Housing and Community Development; Peter Engel, the Director of Housing Development Programs at the State Department of Housing and Community Development; Frank Coakley, the Director of the FannieMae Baltimore Partnership Office and representatives of the Waldorf School. Special guests will include State Delegates Samuel ("Sandy") Rosenberg and Maggie McIntosh; City Councilwomen Rochelle (Rikki") Spector and Helen Holton; and other local officials. A reception and building tours will follow the ceremony.

Park View at Coldspring is a new, 3-story, L-shaped elevator building constructed above an existing two-level parking garage. The building contains 91 1-bedroom and 8 2-bedroom apartments and features several large common areas including a multi-purpose community room, medical examination room, exercise room, a laundry room, a large outdoor patio, landscaped courtyard and plaza, walking paths, and secured garage parking. Each unit includes a fully equipped kitchen, wall-to-wall carpeting, wiring for cable television and telephone, a resident controlled lobby entrance system, and individually controlled and metered utilities.

Park View at Coldspring opened in November, 2000. The property is 100% leased and has begun to form a waiting list. To qualify for occupancy at Park View at Coldspring, persons must be over 62 years of age with incomes at or below 60% of the area's median income, adjusted for family size ($25,920 for 1 person and $29,640 for 2 people).

Park View at Coldspring is located immediately adjacent to The Waldorf School, an internationally-affiliated private school for children in kindergarten through the eighth grade. A unique strategic alliance has been established to develop intergenerational programs that will have a beneficial effect on the lives of the elderly residents and the school's students.

Financing for Park View at Coldspring was provided through a loan from SunTrust Bank; a loan and tax credits from the State of Maryland Department of Housing & Community Development; a payment in lieu of taxes agreement and loan from Baltimore City and the Department of Housing & Community Development. In addition, equity for the project was provided by FannieMae through a purchase of low income housing tax credits arranged by The Enterprise Social Investment Corporation.

Park View at Coldspring is the 21st of Shelter's Park View communities, which were created to provide affordable housing to independent seniors whose incomes are too high to qualify for government assistance, but too low to allow entry into many conventional retirement centers. Shelter's 20 other Park View communities are located within the Baltimore Metropolitan area and in central and eastern Pennsylvania. New Park View communities are under construction or being developed in Baltimore, Harford & Howard Counties in Maryland, New Castle County in Delaware, and in York and Montgomery Counties in Pennsylvania.

Shelter Development is a division of The Shelter Group, a national real estate development and property management company specializing in multi-family and senior living communities. A leader in the industry, Shelter has developed and acquired over 10,000 apartments in 52 residential communities, and presently manages more than 20,000 units in virtually every type of setting and market throughout the U.S. Formed in 1982, The Shelter Group is headquartered in Baltimore, Maryland with regional offices in Dallas, TX, Philadelphia, PA, Atlanta, GA, and Memphis, TN.

The Leasing Office for Park View at Coldspring is located at 4803 Tamarind Road and is open from 9am - 5pm, Monday through Friday. For rental information call 410-542-4400.

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