HomeSpring Realty JV Lands $32M for San Antonio Affordable Housing
- May 06, 2021
HomeSpring Realty Partners, in a joint venture with Bexar County Housing, has obtained a $31.8 million loan for the construction of Applewood Ranch Apartments, a 312-unit affordable housing development in San Antonio.
Bellwether Enterprise, one of the top 20 mortgage banking firms of 2021, provided the financing via a private placement through its Direct Bond Purchase Program. The loan uses 4 percent private activity bonds issued by Bexar County.
Applewood Ranch will be a low-income housing property, with all units catering to households earning at or below 60 percent of the area’s median income. The developer broke ground on the project this March, with Galaxy Builders serving as general contractor. Completion is expected in about 18 months.
The community will spread across 13 acres at 6175 W. Loop 1604 S., roughly 16 miles west of downtown San Antonio. Upon completion, the community will comprise 12 three-story buildings with one- to four-bedroom floorplans and a community center.
Bellwether National Director of Affordable/FHA Production Phil Melton worked together with Senior Vice President Cindy Hannon in securing the construction financing for the borrower. In September, the duo arranged three loans totaling $88.5 million for three affordable properties in Austin and Garland, Texas.