Palladium USA, an owner-operator based in Dallas, has broken ground on a $48 million affordable housing community in McKinney. The four-story complex will feature 172 units with one-, two-, and three-bedroom options as well as amenities such as a pool, children’s play area, clubroom with communal kitchen, fitness center, dog park and computer lounge. All units are rent restricted to 60% of the area median income.
Cross Architects designed the project while Treymore Construction serves as general contractor for construction which is expected to be completed by late 2024. The Texas Department of Housing & Community Affairs issued $23 million in tax exempt bonds purchased by Cedar Rapids Bank & Trust along with over $19 million equity from PNC Bank for financing purposes. Palladium is developing this project alongside The McKinney Housing Finance Corp., providing quality affordable housing solutions to local residents and families alike.
