Construction on 284-unit apartment building in Baltimore City to commence immediately

Baltimore-based real estate developer Klein Enterprises announced today that it has closed on financing to start construction on The Woodberry, a 284-unit mid-rise apartment community located at 2001 W. Cold Spring Lane in Baltimore City.The $64.5 million FHA-insured construction loan—underwritten and serviced by AGM Financial, in partnership with HUD’s Baltimore Multifamily Housing Office—is the largest under FHA’s Section 221(d)4 program loan executed to-date in Baltimore. Construction will begin this week, and the first phase is expected to be ready for occupancy in Spring 2020.

“We’re excited to bring The Woodberry project to life,” said Daniel Klein, president of Klein Enterprises. “We look to provide new opportunities for housing and retail in a transit-oriented location that will help support the surrounding communities and build a foundation that will allow growth for years to come.”

The Woodberry will include a mix of luxury one-, two- and three-bedroom market rate apartment units featuring high-end finishes, nine-foot ceilings, full-size washer and dryer and a variety of configurations with some units featuring either a balcony or patio. Community amenities for residents will include a fitness center with yoga room, game room, club room with kitchen, bike room, pet wash, rooftop deck and a salt water pool with exterior patio and grilling area overlooking the Jones Falls Valley.

The first phase of the project will include the 284-unit apartment building, plus 7,500 sq. ft. of ground floor retail surrounding an internal courtyard and concrete grade parking garage providing 434 on-site parking spaces for residents. The main entrance drive will include 64 additional surface level parking spaces for use by retail customers. It will also include site improvements and landscaping to provide a connection to the Jones Falls hiking and biking trail that traverses the site.

The project has been designed to National Green Building Standards (NGBS) with an estimated annual energy efficiency performance projected to achieve an Energy Star score of 93 out of 100.

JDavis Architects is the architect for the project and Old Town Construction is the general contractor. Renderings are provided by Be the To and can bedownloaded here.

About Klein Enterprises

Over four generations, Klein Enterprises has grown from a single department store to more than 3 million square feet of commercial and residential properties, all while upholding a tradition of hard work and innovative ideas instilled by the Klein family. Klein Enterprises, based in Baltimore, has decades of experience and success in development, acquisitions, brokerage, leasing, property and asset management. For more information on Klein Enterprises, visit www.kleinenterprises.com.