Dallas-based Palladium USA closed a total of $36 million in loans from several government agencies for an affordable multifamily development in Mesquite.
Palladium Mesquite will include 111 units over two five-story buildings. A total of 95 units will be income-restricted — affordable or low-income households — with the other 16 reserved for renters making 140 percent of the area median income. The 4.7-acre development is located at 940 Military Parkway. A leasing center and first units are slated for delivery in the fall of 2026.
The company expects demand for affordable housing to increase as company headquarters migrate to North Texas.
After securing a $4 million Multifamily Development Loan from the Texas Department of Housing and Community Affairs, Palladium received a $14 million HUD loan and $18 million in TDHCA tax credit financing, according to Executive Director Kim Parker.
The closing comes as the market grows more optimistic for lower interest rates.
“Interest rate conditions could be better, however, we were able to close our financial gap by receiving some other types of incentives,” Parker said. “We were very fortunate to receive a $4 million dollar loan from the TDHCA, and that helped close our financial gap. Once we secured that funding, we felt comfortable moving forward to close.”
Palladium Mesquite is the company’s second development in Mesquite, a suburb east of Dallas. Last year, the company began work on Palladium Carver Living at 2200 Bruton Road, an affordable housing development that received $1.5 million in American Rescue Plan Act funds, among other government support.
Palladium has developed multifamily projects in 19 Texas cities, mostly in the Metroplex.
Parker expects Palladium to close financing for three more projects before the year’s end: Cockrell Hill Senior Living in Mesquite, 2910 Motley Senior Living in Mesquite and McKinney Ranch Senior Living. Further down the pipeline, financing for Palladium Denton West is expected to close in early 2026.
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