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NEW YORK CITY-A joint venture of the Arker Cos. and Westbury Realty will spend approximately $50 million to develop nearly 300 units of affordable housing here. Debt financing just closed on the third parcel involved.

Longview Capital Advisors, which secures debt and equity financing for middle market developers, put the partners together. Westbury Realty, an owner and manager of parking and retail properties, had the parcels in the Bronx and the Inwood section of Manhattan in its portfolio. Longview had arranged first mortgage financing two years ago. Longview also had worked with Arker, which has created more than 3,600 housing units and nearly one million sf of commercial space. Longview had secured acquisition financing for the company on another project.

"Westbury preferred not to sell the properties, nor did the company want to be part of a development," explains Mitchell Draizin, Longview president. He brought Westbury together with Arker in the joint venture through the use of long-term lease arrangements.