Hogan Companies Sells Severna Park Land for Affordable Senior Housing Deal

Timothy S. Hogan, Vice President of the Hogan Companies headquartered in Annapolis, Maryland, announced today that the company recently brokered the sale of land in Severna Park, MD to the Shelter Group headquartered in Baltimore, Md. Shelter will break group in the next several weeks on a 103 unit affordable senior housing project on the approximately 7 acre site on Ritchie Highway (MD Rt. 2). They closed this past Thursday December 17.

“Hats off to the Shelter Group. They assembled several parcels with very difficult development hurdles. They took a creative approach to overcoming those hurdles, and they proactively lobbied local and state political leaders to fill a desperate need for affordable housing for our county’s seniors”, Mr. Hogan said.

This is the second affordable housing transaction in Anne Arundel County completed by Hogan this month. Hogan was the firm that introduced Stavrou Communites to the proposed 55 unit Hammerlee House project in Glen Burnie.

The 103 unit Shelter Group project was funded using Tax Credit Financing as well as funds from the American Recovery and Reinvestment Act (ARPA), and will serve area seniors 62 years and older of moderate income.

“There is a crying need for more affordable housing in Anne Arundel County and the State of Maryland as a whole. Our team is spending a lot of time and resources on identifying more land and existing apartments across the State of MD that can be converted into affordable housing, for seniors and families as well”, Mr. Hogan said.

The Hogan Companies, the leading land brokerage firm in the state of Maryland has been responsible for the sale of more than 40,000 residential lots, and assists numerous land owners, builders/ developers, and lenders with complex land transactions of all types.

CONTACT:
Timothy Hogan
Hogan Companies
2661 Riva Road
Annapolis, MD 21401
410.266.5100
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President, Michael T. Rose Companies