Dwight Capital Lends $35M on Dallas-Area Apartment Project
By Andrew Coen November 13, 2024 1:52 pm
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Dallas development firm Pinnacle Facility Engineering has secured $35.2 million of construction financing to build a multifamily complex in Garland, Texas, Commercial Observer has learned.
Dwight Capital closed the U.S. Department of Housing and Urban Development 221(d)(4) loan for Millennium Village, a 199-unit apartment community slated to break ground soon in the suburb just outside of Dallas.
The transaction was originated by Dwight’s Brandon Baksh and Brian Yee.
The loan includes a green mortgage insurance premium reduction of 0.25 percent since the property is slated to receive National Green Building Standard bronze certification.
Located at 1502 Beltline Road 15 miles northeast of Downtown Dallas, Millennium Village is composed of 17 studio apartments, 132 one-bedroom units, 35 two-bedroom units and 15 two-bedroom townhomes spread across 4.5 acres. Property amenities will include a clubhouse, a fitness center, a pool, a rooftop lounge and electric vehicle charging stations.
“Each member at Pinnacle has contributed their unique talents and relentless effort to bring this development forward,” William Tsao, president of Pinnacle Facility Engineering, said in a statement. “As we celebrate this achievement, we look forward to continuing our relationship with the team at Dwight Capital.”
Yee said in a statement, “It has been great working with William and the team at Pinnacle and we look forward to continue growing our relationship with their team.”
Andrew Coen can be reached at acoen@commercialobserver.com
