Press Releases

FOR IMMEDIATE RELEASE
October 1, 2001

THE SHELTER GROUP ANNOUNCES DEDICATION OF PARK VIEW AT BEL AIR

BALTIMORE, MD --- The Shelter Group will officially dedicate its newest affordable senior housing community: Park View at Bel Air, in Harford County, Maryland on Monday, October 15, 2001 at 10:30am. The dedication will take place at the property located at 555 South Atwood Road. The dedication ceremony will include remarks by Harry Sewell, Assistant Secretary of the Maryland Department of Housing and Community Development; James M. Harkins, County Executive for Harford County; and Robert G. Cassilly, Chairman of theTown of Bel Air Board of Commissioners. A reception and building tours will follow the ceremony.

Park View at Bel Air is a new, 4-story, elevator building. The building contains 86 1-bedroom and 15 2-bedroom apartments and features several large common areas including a multi-purpose community room with kitchen, medical examination room, beauty salon, laundry room, and large outdoor patio. 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 Bel Air opened to its first residents in July, 2001. The property is currently 81% leased and 74% occupied. To qualify for occupancy at Park View at Bel Air, persons must be over 62 years of age with incomes at or below 60% of the area's median income, adjusted for family size ($26,520 for 1 person and $30,300 for 2 people).

Park View at Bel Air joins Shelter's two other senior living communities in Harford County: Brightview of Bel Air, a 76 unit assisted living facility, and Park View at Box Hill, a 100 unit affordable independent living facility. Shelter has developed a relationship with Upper Chesapeake Health System, Inc. and other service providers to offer a continuum of care for residents in these three communities.

Financing for Park View at Bel Air 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 Harford County, and a loan from the Town of Bel Air. In addition, equity for the project was provided by FannieMae through a purchase of low income housing tax credits arranged by Lend Lease Real Estate Investments.

Park View at Bel Air is Shelter's 23rd Park View community, which was 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 22 other Park View communities are located within the Baltimore/Washington Metropolitan area and in central and eastern Pennsylvania. New Park View communities are under construction or being developed in Baltimore, Howard and Anne Arundel Counties in Maryland, in York and Montgomery Counties in Pennsylvania, and in New Castle County, Delaware.

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 11,000 apartments in 58 residential communities, and presently manages more than 22,000 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 Bel Air is located at 555 South Atwood Road and is open from 10am - 3pm, Monday through Friday. For rental information contact Chris Sites at 410-893-0064.

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