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Affordable Housing Snares $1.8-Mil Mezzanine Funding

HOUSTON-Affordable Housing of America has secured $1.8 million in a mezzanine financing package for its 276-unit Concord at West Little York. Arbor Commercial Mortgage of Uniondale, NY has arranged the financing package.

By Jennifer Brenner Andrade | Updated on July 24, 2001

HOUSTON-Concord at West Little York, a 276-unit affordable apartment complex in north Houston, has been cleared for $1.8 million in mezzanine funding.

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.

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