Dwight Capital has successfully secured a $35.2 million construction loan through the HUD 221(d)(4) program for Millennium Village, a new market-rate apartment community in Garland, Texas. The project, developed by William Tsao of Pinnacle Facility Engineering, will cover 4.54 acres and feature various housing options such as a four-story building, three two-story townhome structures and a four-story parking garage.
The development will consist of 199 units with an assortment of floor plans including 17 studio apartments,132 one-bedroom units ,35 two-bedroom units and15 two-bedroom townhomes complete with private two-car garages.
The loan proceeds will provide both construction financing as well as permanent financing for the developer while also qualifying for reduced Green Mortgage Insurance Premiums at only25 basis points due to its pending National Green Building Standard Bronze Certification.
Originated by Brandon Baksh and Brian Yee,the amenities offered at Millennium Village include an on-site clubhouse,fitness center,resort-style pool,and rooftop lounge featuring an outdoor deck.Additionally,the property features electric vehicle charging stations to accommodate environmentally-friendly transportation methods.
