Search
 

210-Unit Park at Presa Owner Refinances Complex

SAN ANTONIO-A Dallas owner has refinanced a $3.8-million loan for the 210-unit Park at Presa in San Antonio. The financing is being used to upgrade the 15-year-old complex and retire existing debt. Metropolitan Financing Corp. has handled the transaction.

By Kimberly Reeves | Updated on April 02, 2001

SAN ANTONIO-Metropolitan Funding Corp. has closed on a $3.8-million loan to refinance the 210-unit Park at Presa Apartments in San Antonio.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.