BALTIMORE — WinnDevelopment, along with nonprofit partners BRIDGES Community Development Corp. and Bon Secours Unity Properties, have secured financing for the $44 million Residences at Belvedere Place in northwest Baltimore. The development includes 83 units of affordable housing as well as 8,442 square feet of commercial space.
Financing partners for the project include the Maryland Department of Housing & Community Development (MD-DHCD), which delivered Low-Income Housing Tax Credits (LIHTC), tax-exempt bond financing and a subordinate loan; the City of Baltimore, which provided additional gap financing; Bank of America, which is acting as construction lender and LIHTC equity investor; and Newpoint Capital, which provided the forward commitment for a Fannie Mae tax-exempt permanent loan.
The Residences at Belvedere project originated from a 2018 master plan that included renovating vacant houses to revitalize an area near the Pimlico Race Course, home of the Preakness Stakes, a triple crown horse race that takes place yearly two weeks following the Kentucky Derby. The racetrack, which opened in the 1800s, is temporarily closed and undergoing a $400 million renovation. Officials say the track will be open in time to host the 2027 Preakness. The 2026 race will be held in Laurel, Maryland.
To create the 2.2-acre Residences at Belvedere development site, the team assembled 10 vacant and underutilized parcels that had once provided housing and commercial uses to the Park Heights neighborhood. The structures were removed beginning in the 1990s. The final commercial property will be removed in 2026.
The Residences at Belvedere Place will offer 21 one-bedroom apartments, 53 two-bedroom units and nine three-bedroom homes. Nine units will be available to households earning at or below 50 percent of area median income (AMI) and 63 to households at or below 60 percent of AMI. In addition, 11 units of supportive housing will be created for families transitioning from homelessness at or below 30 percent AMI.
Construction has begun, and completion is slated for spring 2027. Southway Builders is the contractor, and Grimm+Parker is the project architect.