Tarragon Forms Mortgage Subsidiary

Tarragon Realty Investors Inc., a New York-based real estate investor and developer of for-sale housing and rental communities, has announced the formation of a wholly owned subsidiary, Tarragon Mortgage Co. LLC, to provide financing for its homebuyers.The new venture will begin providing mortgages at the company's Tuscany on the Intracoastal condominium in Boynton Beach, Fla. William Friedman, president of Tarragon, said the company's for-sale housing division will benefit "because we will now be able to monitor and manage one aspect of the sale transaction that, until now, had been out of our control. And our shareholders will win because this in-house capability will add efficiency and speed to the closing process, thereby improving our internal rate of return." Tarragon Mortgage will be located in Fort Lauderdale, Fla., with satellite offices at various projects as needed. The parent company can be found online at http://www.tarragonrealty.com.