Located at 301 W. Little York near Interstate 45, it is one ofthree Concord projects owned by Affordable Housing of America. Theowner along with Sunrise Housing has yet another complex, theConcord at McGallion at 500 Tidwell, on the drawing boards.

Ralph Daruns, southwest managing regional director in the Dallasoffice of Uniondale, NY-based, Arbor Commercial Mortgage LLC,arranged the financing. Daruns tells GlobeSt.com that the financingwas issued through Arbor's structured-finance product line and is atemporary loan until tax-exempt bonds can be sold to replace thenote and the construction loan with permanent first mortgagefinancing. Daruns says the building was completed in June by themanufactured housing company, Austin-based Sunrise Housing.

"Concord at Little York is the second transaction in a series ofproposed developments to bring new, affordable housing to theHouston community," says Daruns. "Because of their modularconstruction, they can be developed less expensively thantraditional multifamily developments."