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