Jan 11, 2022
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.
As a TAAHP member, you’ll receive discounts to member events and the Texas Housing Conference, access to industry news, TAAHP’s member directory, networking opportunities and so much more!
Founded in 1997, the Texas Affiliation of Affordable Housing Providers (TAAHP) is a non-profit trade association serving as the primary advocate and leading resource for the affordable housing industry in Texas. Our vision is to inspire and engage our members and stakeholders to end the affordable housing crisis in Texas.
2401 E 6th Street, Ste 3037, PMB 153
Austin, TX 78702
Phone: 512-476-9901 | Email: info@taahp.org
Are you a Texas resident looking for affordable housing? Click here to search the TDHCA database.
Are you looking for rent assistance resources, help with utility bills or reduced rent apartments? Visit the TDHCA contact us page for information.
TAAHP does not have regulatory or compliance authority for any affordable housing communities or developments. If you are concerned that a community is not in compliance, please contact the TDHCA at 512-475-3800.
TAAHP does not facilitate applications for affordable housing. To apply for residency, you may contact the onsite leasing staff for the development you wish to apply for or contact your local housing authority for assistance.
Sign up for our Friends of TAAHP email list to learn more about TAAHP, critical industry issues, and hear about upcoming event and education opportunities.
Watch TAAHP Educational Webinars On-Demand, click here >>
Webinars On-Demand
COVID-19
Surviving The 2nd Wave of Corona
‘This too shall pass away’ this famous Persian adage seems to be defeating us again and again in the case of COVID-19. Despite every effort
May 13, 2021
