Palladium USA has started work on a $48 million affordable rental community in McKinney.
The rental community, designed by Cross Architects, is being built in partnership with the McKinney Housing Finance Corp. Treymore Construction is the general contractor.
The Texas Department of Housing and Community Affairs issued $23 million in tax-exempt bonds purchased by Cedar Rapids Bank and Trust to fund the project. PNC Bank is providing more than $19 million in equity for the deal.Kim Parker of Dynamic Commercial Real Estate and James T. Craig III of Craig International handled the five-acre land sale for the development.
“We are excited to partner with Palladium USA on this much-needed quality housing development in McKinney,” City Council member Geré Feltus said in a statement. “Our community understands the need for quality, diverse housing options and this development helps further that vision.” Palladium USA has seven apartment projects under construction, two in Fort Worth and one each in Anna, Dallas, Garland, McKinney and Little Elm. The developments are valued at $366 million and contain 1,600 rental units.The developer plans to start 11 more developments by the end of this year that will total $553 million and 2,300 apartments.
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