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LULING,TX-The developer of a 40-unit complex has refinanced his construction loan, securing more than $1.1 under the Fannie Mae DUS Multifamily Affordable Housing program.

The Sandia Crossing developer, whose identity is not available, has taken an 18-year loan amortized on a 30-year schedule. It carries an 8.24% interest rate, according to Uniondale, NY-based Arbor Commercial Mortgage LLC, which originated the financing package. Terri Anderson in Arbor’s Dallas office has completed the financing package.

Sandia Crossing is a recently completed project that has been aided by the issuance of low-income housing tax credits by the Texas Department of Housing and Community Affairs. The Caldwell County complex is situated in a town that has a population of 5,236 and is located in a well-recognized oilfield region, south of Austin.

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