NHP Opens Baltimore Affordable Senior Community
The property is part of a $400 million neighborhood revitalization plan.
The NHP Foundation—alongside The Henson Development Co., the city of Baltimore, the Maryland Department of Housing and Community Development and Park Heights Renaissance Community Development Corp.—has opened The Terraces at Park Heights, a 100-unit affordable senior community in Baltimore.
Financing for the $52 million project included:
- $8.7 million provided by the U.S. Department of Housing and Urban Development
- $22.5 million in tax credit equity from R4 Capital and Aetna, a CVS Health company
- $13.3 million from the city of Baltimore
- $5.4 million provided by Maryland CDA
- $2.1 million in deferred developer fees
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The Terraces at Park Heights rises four stories at 4710 Park Heights Ave. The community comprises one- and two-bedroom floorplans ranging between 601 and 983 square feet, according to Yardi Matrix information. Amenities include a fitness center, a business center, a library, a community room, a rooftop terrace, lounge areas and laundry facilities. In addition, Operation Pathways will provide resident services.
In line with the current senior housing trends, The Terraces at Park Heights was developed to meet National Green Building standards. The property includes sustainable features such as a rooftop deck, carport and gazebo-mounted solar panels, along with battery backup power.
The community is in an Opportunity Zone within Baltimore’s Pimlico submarket. Sinai Hospital and the West Cold Spring Metro station are within walking distance of the property.
Part of a master-planned revitalization plan
The Terraces at Park Heights represents the first phase of a $400 million neighborhood revitalization plan—the 17.3-acre Park Heights Master Redevelopment Area. The project will transform the neighborhood into a mixed-income, multi-generational community with a focus on sustainability and long-term investment.
Future phases are to include more than 90 single-family homes scheduled to break ground in 2026, and The Anderson, a 59-unit affordable housing community. The redevelopment is also expected to implement broader neighborhood improvements, including the new Enoch Pratt Library and the overhaul of Pimlico Racecourse.
