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Bellwether Enterprise Provides $9M Loan for Affordable Housing in Raleigh

Bellwether Enterprise,the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., has provided an $8.7 million loan for the purchase of Beacon Ridge, a new construction property built to serve low-income families located at 2003 S. State Street in Raleigh.

The property is a part of a Purpose Built Community called Beacon Site. The new development comprises of 120 units, serving families earning up to 50 percent and 60 percent of area median income. The Beacon Site includes a new elementary school and a new YMCA. Southeast Raleigh Promise, Purpose Built Communities, the YMCA and several foundations have supported the Beacon Site effort. Beacon Site also aims to support low-income families by focusing on community wellness, cradle-to-career education and leadership.

Victor Agusta of Bellwether Enterprise’s Raleigh office originated the loan on behalf of the borrower, DHIC Inc., the largest nonprofit development company in the area. The property is mortgaged with an 18-year term and a 40-year amortization.


Inside The Story

Bellwether’s Agusta

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.