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.