Bellwether Enterprise announced the recent closing of a $31.8 million loan for the construction of Applewood Ranch Apartments, an affordable housing development in San Antonio.
Phil Melton, national director of affordable/Federal Housing Administration production, in Bellwether Enterprise’s Dallas office, and Cindy Hannon, senior vice president in the Duluth, Georgia, office, originated the loan on behalf of Mike Hogan, president and CEO of HomeSpring Realty Partners, and the Housing Authority of Bexar County.
“Affordable housing is in high demand in San Antonio, and Applewood Ranch Apartments will provide homes for many folks currently on wait lists in surrounding communities,” said Melton.
The 312-unit development will have a mix of one-, two-, three-, and four-bedroom units. All the apartments will be restricted to households earning at or below 60% of the area median income. There also will be a one-story clubhouse/community center on the property. Construction is expected to be completed in about 18 months.
The loan was financed via a private placement through Bellwether Enterprise’s Direct Bond Purchase Program. The loan uses 4% private-activity bonds issued by Bexar County.