Park at Presa, at 2233 Southeast Military Dr. in Southeast San Antonio, is a 15-year-old affordable housing garden apartment community. Rents, set at 50% to 65% of the city's mean income, are controlled by a deed restriction close implemented by the RTC close to a decade ago.

MFC is a national HUD/FHA approved Multifamily Accelerated Processing lender. It has closed the financing through the FHA 223 program. "The property had a strong operating history and highly experienced management that made this an attractive refinancing operation," David Stein, MFC vice president of originations, tells GlobeSt.com "We also feel positively about the San Antonio apartment market at this time."

PSI-Park at Presa LP, the Dallas-based property owner, had been able to use the non-recourse, fixed-rated mortgage to retire existing debt and complete necessary capital improvements. Monthly debt service payments also have been reduced. MFC had locked the interest rate at 7.375%, for the 35-year self-liquidating loan representing 85% loan to value. MFC was able to process and close the loan in just 60 days through the San Antonio HUD office, in accordance with the new MAP processing guidelines.