Palladium USA has closed the financing and is under construction for its sixth multi-family development for 2021 (its fifth affordable multi-family development for 2021) with the December 15, 2021 closing of its $ 26 million Embree Eastside by Palladium mixed-income apartment development. dollars located at 536 Davidson Drive in Garland, Texas. This is a 107-unit, three-story mixed-income multi-family development with reservations for those earning between 30% and 60% of the region’s median income with a market rate component of 25%. The development will contain the usual Palladium set of amenities including a resort-style swimming pool, dog park, trails, conference room, computer lab, children’s playroom, state-of-the-art fitness center – to name a few. “Construction has started and we will deliver the clubhouse and first units in January 2023,” said Tom Huth, President and CEO of Palladium USA. “
“The Town of Garland was instrumental in our closure and in particular Deputy Mayor Pro-Tem and District 2 Council Member Deborah Morris for getting us over the goal line,” Huth said. HEDK is the architect. Brownstone Construction is the general contractor that teams up with the Garland Housing Finance Corporation for construction. PNC Bank provided both equity ($ 13.7 million) and debt ($ 11.2 million) for this placement.
In addition, Palladium in 2021 had previously closed its LIHTC development of 122 Garland Senior Living units at 9% in January, the LIHTC development of 90 units of Palladium Fain Street (Fort Worth) in February, and the market-rate wrap of 324 units of Palladium Little Elm in February. , Palladium Dallas Stemmons Apartments 87 units LIHTC 9% development in April, Palladium Simpson Stuart (Dallas) 270 units 4% LIHTC development in June, and now its Embree Eastside by Palladium 107 units 9% LIHTC development in December. Palladium has eight multi-family developments under construction in Texas. One in Port Aransas, Midland, Fort Worth and Little Elm, two in Garland and two in Dallas.