By Alexandra Pacurar
San Antonio—Bellwether Enterprise Real Estate Capital has provided a housing loan of roughly $20.2 million for Hogan Property Co. and its Freedom Hills Ranch Apartments project in San Antonio.
The three-story, garden style development includes one-, two- and three-bedroom units, 252 of which are reserved for affordable housing. Common amenities include a clubhouse, sports facilities, playground, resource center and on-site laundry facilities.
Bellwether Enterprise loan originators Phil Melton, executive vice president in Dallas and Cindy Hannon, senior vice president in Duluth, provided the borrower with an insured loan from the U.S. Department of Housing and Urban Development under the construction program for tax exempt bonds. Therefore, rents have to be limited to 50 percent and 60 percent of the area’s median income, in order for the property to receive four percent tax credits.
“Asheville and San Antonio, like many other cities across the country, are facing a shortage in the supply of affordable housing that is leaving many residents struggling to make ends meet. Bellwether Enterprise is proud to help finance projects that build more vibrant communities and keep housing within families’ reach,” Ned Huffman, president of Bellwether Enterprise, said in a prepared statement.
Galaxy Builders has been tapped for the construction works, which are scheduled to end by the summer of 2017. In June 2016, Bellwether Enterprise granted affordable housing loans worth a total of $130 million.
Image courtesy of Enterprise Community