Bellwether Enterprise Real Estate Capital LLC (Bellwether Enterprise), the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc. (Enterprise), announced today the closing of a $36,685,000 private placement bonds (PPB) loan for Bristol at Somerset Ranch, a 348-unit new construction affordable multifamily development located at 12955 Fischer Road in San Antonio, TX.
Phil Melton, Executive Vice President and National Director of Affordable Housing in Bellwether Enterprise’s Dallas office and Cindy Hannon, Senior Vice President in the Duluth, GA office, originated the loan on behalf of the borrowers, Steve Poppoon of LP Development and Manish Verma of GMAT Development.
“San Antonio is a strong market with an incredibly high demand for communities that offer affordable housing for families,” said Melton. “Building 348 units of quality, affordable housing will help ensure people of all income levels can access homes in the second biggest city in Texas and contribute to the wider San Antonio community.”
Bristol at Somerset Ranch will have an array of high-end amenities, including a pool, fitness center, business office, laundry, playground and a clubhouse with a community lounge. The new construction will have one-, two- and three-bedroom units, all of which are affordable at 60% of Area Median Income (AMI).
The property utilizes 4% tax-exempt private activity bonds issued by the Las Varas Public Facility Corporation. The property, owned by the nonprofit San Antonio Facility Corporation under the San Antonio Housing Authority, also has a 15-year mortgage term with a 40-year amortization.
