Dominium is developing its first affordable housing project in Texas, in the town of Terrell. Terrell Family Apartments will consist of 350 affordable BTR units. Terrell is 30 miles east of Dallas.
Multihousing News reports that Associated Bank and Great Southern Bank provided $58.2 million in construction financing for the 4 percent LIHTC project. Terrell Housing Finance Corp. issued $64.4 million in tax-exempt bonds, arranged by Colliers. PNC Bank provided equity and originated both tax-exempt and taxable Freddie Mac loans, as well as a bridge loan.
Terrell Family Apartments will feature two-, three- and four-bedroom townhomes, reserved for future tenants earning up to 60 percent of the area median income. Amenities are set to feature a clubhouse, gym, swimming pool, outdoor gathering spaces, playgrounds and a private school bus shelter.
The team includes general contractor WD Construction and architect Kimley Horn. Completion is expected in 2029.
The post Dominium to Build 350 Affordable BTR Units in Terrell appeared first on Connect CRE.
​Â
