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.

“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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.