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Swiss Village Owner Secures $3.5-Mil Construction Loan

HOUSTON-Affordable housing developer Swiss Village Community Ltd. has received a $3.5-million Fannie Mae loan. The fund will be applied to construction of an 88-unit second phase to Swiss Village in the city's northeastern tier.

By Jennifer Brenner Andrade | Updated on June 26, 2001

HOUSTON-The Swiss Village at 9603 Homestead Rd. in the northeast section of Houston has received a $3.5-million loan under the Fannie Mae DUS Multifamily Affordable Housing line of Arbor Commercial Mortgage LLC in Uniondale, NY.

Arbor’s Dallas lending office has arranged the loan, which will replace an Arbor-Fannie Mae-funded forward commitment to construct the complex. The 30-year loan carries an 18-year amortization with 8.4% interest. Staci Mankoff, regional director for the Arbor Dallas office tells GlobeSt.com the loan replaces financing for an 88-unit, phase II construction. Phase I consists of 168 units.

Swiss Village Community Ltd.’s phase I is not a tax-credit property like the second phase. The Texas Department of Housing and Community Affairs, which oversees affordable rent properties, issues the tax credits.

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