A $31.8 million loan recently closed, allowing for the construction of Applewood Ranch Apartments, an affordable multifamily property located at 6175 W. Loop 1604 S in San Antonio. Mike Hogan, president and CEO of HomeSpring Realty Partners, is partnering with the Bexar County Housing Authority to develop the property. Construction is expected to be completed in about 18 months.

Phil Melton in Bellwether Enterprise’s Dallas office and Cindy Hannon in Bellwether’s Duluth, GA office originated the loan on behalf of Hogan.

“Affordable housing is in high demand in San Antonio and Applewood Ranch Apartments will provide homes for many folks currently on wait lists in surrounding communities,” said Melton. “Bellwether Enterprise continues to support affordable housing initiatives and developments across the country.”

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 percent of the area median income. There will also be a one-story clubhouse/community center on the property.

The loan was financed via a private placement through Bellwether Enterprise’s Direct Bond Purchase Program. The loan uses 4 percent private activity bonds issued by Bexar County.