Enterprise Homes secures financing for 70-unit apartment building in Mondawmin

Enterprise Homes Inc. has closed on financing for a 70-unit apartment building in Mondawmin.

Construction of the four-story building, located at Reisterstown Road and Liberty Heights Avenue, is expected to cost $15.9 million.

The Baltimore-based developer plans to formally break ground on the project, called Metro Heights, on July 26.

The project is intended to provide affordable housing for low- to moderate-income families. Apartments will range from one to three bedrooms.

"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," said Chickie Grayson, president and CEO of Enterprise, in a statement.

With the city's help, Enterprise found the right location for the project, Grayson said. The development is within walking distance to Metro and bus stops, and its proximity to Mondawmin Mall will give residents access to shopping, dining and health services

The project is being financed by SunTrust Community Capital, Enterprise Community Investment and Bellwether Enterprise, along with a $2 million loan from Maryland's Department of Housing and Community Development and a $1.25 million loan from Baltimore City HOME Funds.

The Federal Home Loan Bank of Atlanta's Affordable Housing Program has awarded the project a $500,000 grant.

Harkins Builders is the general contractor with Marks, Thomas Architects and facade consultant Ziger/Snead.

sarah.gantz@baltsun.com

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