Located at 301 W. Little York near Interstate 45, it is one of three Concord projects owned by Affordable Housing of America. The owner along with Sunrise Housing has yet another complex, the Concord at McGallion at 500 Tidwell, on the drawing boards.
Ralph Daruns, southwest managing regional director in the Dallas office of Uniondale, NY-based, Arbor Commercial Mortgage LLC, arranged the financing. Daruns tells GlobeSt.com that the financing was issued through Arbor's structured-finance product line and is a temporary loan until tax-exempt bonds can be sold to replace the note and the construction loan with permanent first mortgage financing. Daruns says the building was completed in June by the manufactured housing company, Austin-based Sunrise Housing.
"Concord at Little York is the second transaction in a series of proposed developments to bring new, affordable housing to the Houston community," says Daruns. "Because of their modular construction, they can be developed less expensively than traditional multifamily developments."
According to Daruns, Sunrise Housing has eight more of these complexes in the works. The first complex was the Concord at Palm Center, situated at 5514 Griggs Rd. near Martin Luther King Boulevard and E. Loop 610 in southeast Houston. Daruns says the pieces of the complex are manufactured in a $40-million plant in Houston and then brought to the construction site and assembled.
An entity of Houston-based Affordable Apartments of America is the owner of the three-story Concord at Little York. Daruns says Sunrise develops the properties and then sells them to 501C3 nonprofit housing corporations, such as Affordable Apartments of America.
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