Press Releases

FOR IMMEDIATE RELEASE
May 8, 2002

GRAND OPENING HELD FOR MAYS CHAPEL RIDGE RETIREMENT COMMUNITY

BALTIMORE, MD -- A celebration last week attended by 250-300 guests, including most of the residents, marked the official Grand Opening of Mays Chapel Ridge, a senior retirement community developed and managed by The Shelter Group. The community, which started accepting residents in February and still has apartments available, is significantly ahead of its scheduled fill-up.

The community at Mays Chapel Ridge contains two buildings: 87 independent living units linked to a four-story assisted living building with 75 units, 17 of which are dedicated to specialty Alzheimer's care. A true rental community, Mays Chapel Ridge is one of the few retirement housing options in the area that does not require a substantial entrance fee. The site is located just off Padonia Road in Timonium.

In his remarks at the Opening, Phil Golden, President of Shelter Properties, noted how quickly residents have begun to refer to the building as "home." "Nothing pleases us more," commented Golden, "than to get such a strong vote of confidence from our residents and their family members; it tells us that we're successfully meeting the housing and support needs of seniors."

Golden also stressed the cooperation Shelter had received from its partners in the project, the Keelty Companies, developers of Mays Chapel North and Saint Joseph Medical Center, which provides residents with medical services and health and wellness programs. He also thanked many others for their support including Mercantile Safe Deposit and Trust and the Baltimore County Council and government.

Councilman T. Bryan McIntire, third district, also spoke, saying that Baltimore County's involvement in the project was motivated by the belief that local government's role is to help people, especially senior citizens. James C. Kleeman, MD, Vice President for Medical Affairs at Saint Joseph Medical Center, praised Shelter for its "integrity from a business perspective, its compassion, and commitment to excellence"; values that he said are very compatible with those of the Medical Center.

Mays Chapel Ridge is the 40th seniors community managed by The Shelter Group. According to Golden, Shelter's success as a developer and manager of senior-focused housing comes largely from "our understanding of what's needed in the way of building design, features, programs, and support services designed to keep our residents as independent and healthy as possible."

About Mays Chapel Ridge
At Mays Chapel Ridge, independent living residents benefit from a package of hospitality services that support successful aging, including meals, transportation, housekeeping, in-unit emergency call system, a complete roster of social activities and clubs, and 24-hour security. The community has a fitness center, private dining rooms for family events and other celebrations, a pub, and a theater. Residents in the assisted living units receive additional support services that include customized personal care and assistance with medications. A special Wellspring wing provides extra levels of support for residents with Alzheimer's and other forms of memory impairment. Wellspring residents enjoy their own separate and secure residential neighborhood designed with residents' safety and dignity in mind. Residents are able to move about freely, maintaining as much independence as possible in a compassionate and caring environment. The Wellspring has received national recognition for its programmatic innovations.

About Shelter
From its founding by Mark Joseph as a two-person development company in 1977, Shelter has grown into a top-ranked national development and property management company. The firm's portfolio contains a broad range of properties, including conventional multi-family real estate, independent and assisted living communities for seniors, and affordable housing for families and the elderly. During its 25-year history, Shelter has developed nearly $1 billion of real estate and is known for its ability to develop properties that meet the needs of each local market while also meeting the goals of its investors.

The company's property management arm, Shelter Properties LLC, is responsible for operating and managing a national portfolio of communities with over 22,000 units, making Shelter one of the 50 largest property management companies in the country. The managed portfolio is valued at more than $2 billion and a large portion of that portfolio is managed on behalf of third party owners who include large financial institutions, established not-for-profit organizations, and government agencies.

Shelter, which is headquartered in Baltimore City, has Regional Offices in Baltimore, Philadelphia, Atlanta, and Dallas, with additional concentrations of properties in Florida, Tennessee, and North Carolina.

For further information please contact:

Phil Golden, President, Shelter Properties LLC
(410) 962-0595

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