"The financing will permit LYND to complete the renovation across this portfolio, which will provide high-quality workforce housing for San Antonio's population for years to come," Suarez adds. "The plan is to renovate the remaining interior units and then place permanent debt on the portfolio once the property is fully upgraded."

Auburn Creek is located in San Antonio, and is comprised of 224 units across 14 two-story apartment buildings, one single-story leasing office building and one single-story clubhouse building. The property was built in 1973.

Fairways 5 is also located in San Antonio, and is comprised of 205 units across 26 residential buildings, two single-story laundry buildings and two single-story boiler buildings that were constructed in 1973.

Meadows Apartments is located in Universal City, and is comprised of 216 units across 24 residential buildings, two single-story laundry buildings and two single-story boiler buildings that were constructed in 1974.

Renovations consist of new countertops, tile back splashes, new cabinets, plumbing fixtures, lighting fixtures, door hardware, carpet, blinds, resurfaced tubs and new black appliances, including refrigerators, ovens and dishwashers.

"The Lynd family is well known and they know the market and the asset. The main factor in the refinancing was this is a family asset that has been maintained for more than 30 years, located near the Hospital District, so it was very attractive to us," Suarez tells GlobeSt.com. "This type of renovation has not happened to this level in previous cycles. This was more of a heavy lift for the end user and the market has responded."

San Antonio is experiencing strong population growth and was recently named the second-fastest growing city in the country, according to the Census Bureau. The local economy is composed of three major industries: health services, military and tourism. Auburn Creek and Fairways 5 are located within the South Texas Medical Center and benefit from close proximity to more than 75 medically related institutions.

"San Antonio growth is spilling over from and piggy-backing off of Austin, San Marcos and Round Rock," Suarez tells GlobeSt.com. "San Antonio's discounted housing is attracting the residents who are working in Austin."

LYND is a repeat bridge client of Hunt Real Estate Capital. The two entities recently closed a $39.5 million loan for the acquisition and renovation of Mayflower Apartments, a 266-unit high-rise multifamily community located in Virginia Beach, VA.