The loan will retire an expired construction loan with Municipal Mortgage & Equity LLC and provide about $115,000 for repairs to the 304-unit complex at 25469 Borough Park Dr., west of Interstate 45. Windcrest Spring Apartments is encumbered with low-income housing tax credits, says Robert Turner of Austin-based Wentwood Capital Advisors, which asset management for the class B complex's owner.

"Getting financing [for affordable housing] is more complicated because there are some specifics of the program that have to be accommodated and there's a learning curve for lenders to get through to finance them," Turner tells GlobeSt.com. He believes Windcrest Spring Apartments could have received financing from quite a few lenders based on its age and location. However, Wentwood Capital Advisors, which oversees about 50 affordable housing complexes nationwide, had an existing relationship with Morgan Stanley.

Built in 1996, 14.7-acre Windcrest Spring Apartments contains 24 one bedroom-units, 76 two-bedroom apartments, 96 three-bedroom designs and 48 four-bedroom layouts. The average is 1,100 sf, and rent is 65 cents per sf. At the time of financing, the complex, assessed at $6.6 million, was 89% occupied. Brad Hatcher, a vice president with the Houston-based LJ Melody & Co.'s Dallas office arranged the loan.