Adam Bednar//Daily Record Business Writer//November 30, 2015
//Daily Record Business Writer
//November 30, 2015
Enterprise Homes announced it has purchased the market-rate Spyglass at Cedar Cove apartments in Lexington Park.
The 152-unit development was built in 1985 and provides private Chesapeake Bay beach access. Enterprise Homes intends to complete renovations to the new roof, windows and flooring.
“We are looking forward to completing a renovation of the apartments and common areas that will offer residents an updated community with unparalleled access to the Chesapeake Bay and local employers,” Chickie Grayson, president and CEO of Enterprise Homes, said in a news release.
Bellwether Enterprise Real Estate Capital LLC, the multifamily mortgage banking subsidiary of Enterprise Homes parent company of Enterprise Community Investment Inc., provided a $13.3 million loan. The Enterprise Multifamily Opportunity Fund provided $5 million in equity capital.-