Bellwether Provides $23M Construction Loan for Affordable Housing Asset in San Antonio
SAN ANTONIO — Bellwether Enterprise Real Estate Capital LLC has provided a $23 million Fannie Mae loan for St. Johns Apartments, a 228-unit affordable housing community in San Antonio. The proceeds will be used to fund new construction and adaptive reuse of a historic 1920s-era Catholic seminary building and two smaller existing structures. The project will deliver 176 units that will be leased at restricted rents and 52 units that will command market-rate rents. Hadley Bressman of Bellwether secured the loan, which carries a fixed interest rate and a 35-year amortization schedule. The borrower was not disclosed.