Adding 348 Affordable Units Will Provide Housing to All Income Levels

Bellwether Enterprise Real Estate Capital LLC recently closed $36.68 million in a private placement bonds loan for Bristol at Somerset Ranch, a 348-unit new construction affordable multifamily development located at 12955 Fischer Rd. in San Antonio. Phil Melton and Cindy Hannon 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 one-, two- and three-bedroom units, all of which are affordable at 60 percent of Area Median Income.

The property utilizes 4 percent 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.