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Affordable Housing Complex Earns $11M Refinance

SPRING, TX-A 304-unit complex gets $10.8 million to retire an expired construction loan and provide capital for repairs. In arranging the seven-year loan, Morgan Stanley Mortgage Capital inks its first refinance for an affordable housing project.

By Jennifer D. Duell | Updated on January 17, 2005

SPRING, TX-Morgan Stanley Mortgage Capital Inc. has completed its first refinancing of an affordable housing complex. The New York City-based lender provided a seven-year loan at 5.17% interest rate with a 30-year amortization to locally based owner Spring Windcrest Spring I LP for Windcrest Spring Apartments.

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.

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