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REAL ESTATE INSIDER

Enterprise secures Metro Heights financing

 

Enterprise Homes, Inc. closed on financing last week for Metro Heights at Mondawmin, a new transit-oriented development that will be located at Reisterstown Road and Liberty Heights Avenue, Baltimore (ZIger-Snead rendering)

Enterprise Homes, Inc. closed on financing last week for Metro Heights at Mondawmin, a new transit-oriented development that will be located at Reisterstown Road and Liberty Heights Avenue, Baltimore (Ziger/Snead rendering)

Enterprise Homes Inc. closed financing for its $15.9 million transit oriented development project Metro Heights at Mondawmin in Baltimore.

The new project at Reisterstown Road and Liberty Heights Avenue calls for the construction of 70 apartments. The units will be a mix of one-, two- and three-bedroom apartments. A ceremonial groundbreaking for the affordable housing development is scheduled for July 26.

“Two years ago, Enterprise Homes searched for an opportunity in the Mondawmin area to help create quality affordable homes and a positive change in the community. With the help of Baltimore Housing, we found the ideal location. At Enterprise, we recognize that affordable, quality homes need to be connected to a wide array of opportunities, such as transportation, access to jobs, education, health care and services to meet the daily needs of the community,” Chickie Grayson, president and CEO of Enterprise Homes, said in a statement.

The new development will be within walking distance of the Metro stop at Mondawmin, and various bus lines that use that site as a hub. It will also be a short distance from the Target-anchored Mondawmin Mall.

Financing for the project comes from state and city government as well as SunTrust Community Capital, LLC, Enterprise Community Investment, Inc., and Bellwether Enterprise.

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