Momark Development uses complex structured financing to meet surging demand for housing
Pioneer’s Chris Bourne is helping Momark President Terry Mitchell realize a passion. Momark strives to bring affordable housing into good neighborhoods and expand its footprint in South Austin.
It’s one thing to have a passion. It’s quite another for it to make good business sense. Bourne dug deep to understand Momark’s business and the intricate financial stipulations imposed by the city. He was able to structure funding that would stabilize cost vs. debt by starting construction as soon as units were pre-sold. It succeeded, and now families who have long dreamed of ownership are coming home.
“This was the only financial structure that could make the project viable, but
there were many challenges. Chris was committed and worked through every
issue with us, and got Pioneer’s decision makers onboard with our vision. Phase One has sold out, and now we are beginning a larger phase two,
already with a long waiting list of buyers.”
– Terry Mitchell, President, Momark Development