Bellwether Enterprise Real Estate Capital LLC, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, Inc., announced today the closing of a $31,800,000 loan deal for the construction of Applewood Ranch Apartments, a new affordable multifamily property located at 6175 W Loop 1604 S, San Antonio, TX.
Phil Melton, National Director of Affordable/FHA Production, in Bellwether Enterprise’s Dallas, TX office, and Cindy Hannon, Senior Vice President in the Duluth, GA office, originated the loan on behalf of Mike Hogan, President and CEO of HomeSpring Realty Partners, and Bexar County Housing.
Applewood Ranch Apartments will provide 312 low-income housing units, comprised of one-, two-, three- and four-bedroom units in 12 three-story garden-style buildings. All units will be restricted to households earning at or below 60% of the area median income. There will also 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, which provides a single source of capital, reducing the need for additional intermediaries in the process. The loan uses 4% private activity bonds issued by Bexar County. Hogan is partnering with the Bexar County Housing Authority to develop the property. He has developed similar properties in San Antonio, including five multifamily communities with Bellwether Enterprise in the past six years.