$28M Housing, Mixed-Use Development in Baltimore Breaks Ground

WinnCompanies recently broke ground on a $28 million project that will bring 83 affordable apartment homes to Baltimore’s Park Heights neighborhood.

The project is being led by BRIDGES Community Development Corporation, WinnDevelopment, and Bon Secours Unity Properties. The new community, The Residences at Belvedere Place, will offer one-, 53 two-, and nine three-bedroom apartments.

This project received $500,000 in federal funding, and the Maryland Department of Housing and Community Development delivered Low Income Housing Tax Credits, tax-exempt bond financing and a subordinate loan for the project. The development team assembled 10 vacant and underutilized parcels near the Pimlico Race Course over several years to create the 2.2-acre development site.

BRIDGES Community Development Corporation is providing a $6 million loan to the project. The four-story 112,102-square-foot building will include 8,442 square feet of ground-floor retail space. Bank of America is the project’s construction lender and LIHTC equity investor. Newpoint Capital provided the forward commitment for a Fannie Mae tax-exempt permanent loan.

Connect

Inside The Story

Winn Development

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

Order Reprints