Palladium USA Invests $36 Million in Mesquite Mixed-Income Housing Development

Palladium USA has completed financing for Palladium Mesquite, a $36 million mixed-income multifamily community that represents a significant investment in addressing housing affordability in Dallas County. The development will provide 111 residences with 95 units featuring income restrictions across various area median income levels, while 16 units are reserved at 140% of AMI, creating a diverse economic mix within the community.

The financing structure demonstrates the complexity of affordable housing development, involving multiple funding sources including $17.6 million in equity from Redstone, a $14 million FHA 221(d)(4) loan arranged by Walker & Dunlop, and a $13.1 million equity bridge loan from Bridgewater Bank. Additional funding includes $4 million in TDHCA MFDL and $500,000 in local participation from the City of Mesquite, highlighting the collaborative effort required for such projects.

Located at 940 Military Parkway, the 4.74-acre community offers strategic access to major transportation corridors including I-635 (LBJ Freeway), U.S. 80, I-30, and I-20, enhancing connectivity for residents. The development features two five-story buildings with thoughtfully designed one, two, and three-bedroom floor plans that include premium finishes such as granite countertops, nine-foot ceilings, hardwood-style flooring, and covered balconies.

Community amenities reflect a commitment to quality living with a resort swimming pool, state-of-the-art fitness center, conference and business centers, children's playroom, athletic court, and gazebos with grilling stations. The clubroom features a mini-kitchen with upgraded appliances and quartz countertops, providing residents with upscale communal spaces.

Mayor Daniel Alemán Jr. emphasized the project's alignment with city priorities, stating workforce housing has been a high priority for the City Council in efforts to provide varied housing choices for the growing community. The development, designed by HEDK Architects with BBL Building Company as general contractor in partnership with Operation Community Care Living, is scheduled to begin preleasing in Summer 2026, with initial unit deliveries expected in Fall 2026.