Press Releases

FOR IMMEDIATE RELEASE
November 1, 2001

THE SHELTER GROUP OPENS ITS NEWEST AFFORDABLE SENIOR COMMUNITY

BALTIMORE, MD --- The Shelter Group opened the doors to its newest affordable senior housing community: Park View at Taylor in Baltimore County, Maryland, on November 1, 2001. This independent living apartment community is located at 4102 Taylor Avenue. The property is a new 3-story, elevator building with resident controlled access. The building's 96 one-bedroom and 4 two-bedroom apartments each include a fully equipped kitchen, wall-to-wall carpeting, pull cords, wiring for cable television and telephone, and individually controlled utilities. On-site amenities available to the residents include a multi-purpose community room with a kitchenette, a community pantry, a billiards room and an educational/multi-media center as well as a medical examination room, beauty salon, laundry room, a large outdoor patio, and a full schedule of social and recreational activities.

Park View at Taylor is the latest of Shelter's senior living communities in Baltimore County. Park View at Fullerton and Brightview of White Marsh are both within 2-miles of the new community. Shelter's commitment to providing superior service to residents of these communities has led to the development of a strategic alliance with St. Joseph's Hospital and other area service providers. This allows for Park View at Taylor to better facilitate a continuum of care for residents.

According to Brian Engle, Regional Manager for Shelter's Park View Division, "Shelter's in depth knowledge of the Baltimore County market allows us to develop sites in neighborhoods with amenities that will best serve the population. Park View at Taylor is just one more example of our commitment to providing high quality housing for seniors that want all of the benefits of retirement living without having to pay the high rents and sometimes extraordinary fees."

The success of this community has been evidenced by the strong response it has received within the community. Within three weeks of opening, Park View at Taylor was 55% leased and 40% occupied. To qualify for occupancy at Park View at Taylor, persons must be at least 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).

Financing for Park View at Taylor 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 County: and equity from Fannie Mae through a syndication of the tax credits arranged by Lend Lease Real Estate Investments.

Park View at Taylor is Shelter's 22nd Park View community. Shelter has created these communities 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 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 Howard and Anne Arundel Counties in Maryland, and in York and Lehigh 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 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 Taylor is located at 4102 Taylor Avenue and is open from 10am - 3pm, Monday through Friday. For rental information contact Rebecca Mueller at 410-663-0363.

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