With Help From Ballard Spahr, Pennrose's Renaissance Row Opens in Baltimore's Park Heights
Ballard Spahr represented Pennrose in the development of the recently opened Renaissance Row, a mixed-use apartment project in the Park Heights neighborhood of Baltimore.
The $21 million, 84-unit project is part of the revitalization of the northwest Baltimore neighborhood and stands at the corner of Park Heights and Rosewood Avenues, an intersection once occupied by blighted housing. The apartments—eight of which are set aside for residents earning up to 30 percent of the Area Median Income (AMI) and 76 units of which are reserved for residents earning up to 60 percent AMI—feature open floor plans, granite countertops, and in-unit washers and dryers. The project’s on-site amenities include a fitness center, teen room, resident storage area, parking, courtyard, and outdoor green space.
The development also has 2,300 square feet of office space. Park Heights Renaissance, a neighborhood 501(c)(3) that participated in the development of Renaissance Row as part of its mission to implement the Park Heights Master Plan, will move its headquarters to Renaissance Row, where it will provide on-site supportive service programs for residents.
The redevelopment received political and financial support from the State of Maryland Department of Housing and Community Development (DHCD), including loans (portions of which were insured by the Federal Housing Administration), bond financing, and the allocation of low-income housing tax credits. The City of Baltimore also made substantial contributions through the issuance of soft loans through the City Bond Program and City Slot Funds Program, as well as a payment in lieu of taxes (PILOT) and a seller-take back note for the land purchase. The tax credit equity generated by the 4 percent LIHTCs contributed by DHCD was syndicated by Hudson Housing Capital and is being contributed to the project as equity through an investment by M&T Bank.
Real Estate Department Chair Amy M. McClain and Associate Alyssa Domzal in Baltimore led the Ballard Spahr team that worked with Pennrose on the Renaissance Row project. The effort received support from Partners Jon M. Laria in Baltimore; Timothy Martin in Washington, D.C.; and Alan S. Ritterband in Philadelphia.
For further information, please see Pennrose’s press release.
For media inquiries, please contact Will Ashenmacher at 612.371.5792.