Dwight Capital Provides Loan for Garland Apartments

Dwight Capital closed a $35.2 million HUD 221(d)(4) construction loan for Millennium Village, a 199-unit market-rate apartment community set to break ground in Garland, Texas. The development will span 4.54 acres and offer housing options, including one four-story building, three two-story townhome structures, and a four-story parking garage. The unit mix will include 17 studio apartments, 132 one-bedroom units, 35 two-bedroom units, and 15 two-bedroom townhome residences, each with a private two-car garage.

The loan proceeds will support both construction and permanent financing for the Developer, William Tsao of Pinnacle Facility Engineering. The project also qualifies for a reduced Green Mortgage Insurance Premium of 25 basis points, as Millennium Village is pending a National Green Building Standard Bronze Certification.  Brandon Baksh and Brian Yee originated this transaction.

Amenities include a clubhouse, fitness center, resort-style pool, rooftop lounge with an outdoor deck, and electric vehicle charging stations.