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

Palladium USA has finalized the $36 million Palladium Mesquite development, a mixed-income multifamily community in Mesquite, Texas, representing the company's second such project in the city. The 111-unit development combines income-restricted housing options with market-rate units, featuring 95 homes designated for various area median income levels and 16 units reserved at 140% AMI. This mixed-income approach addresses critical workforce housing needs while supporting economic diversity in the growing community.

The financing structure for the project demonstrates sophisticated capital stacking with $17.6 million in equity from Redstone, a $14 million FHA 221(d)(4) loan arranged by Walker & Dunlop, and additional funding including a $13.1 million equity bridge loan from Bridgewater Bank. Construction commenced following the August 28, 2025 closing date, with BBL Building Company serving as general contractor and HEDK Architects providing the design expertise.

Tom Huth, President and CEO of Palladium USA, emphasized the project's significance, stating it represents the company's ongoing commitment to providing high-quality, mixed-income housing in Mesquite and the surrounding community. The development consists of two five-story buildings featuring one, two, and three-bedroom floor plans with premium interior finishes including granite countertops, nine-foot ceilings, and hardwood-style flooring.

Mayor Daniel Alemán Jr. highlighted the project's alignment with city priorities, noting that workforce housing has been a high priority for the City Council in providing varied housing choices for Mesquite's growing community. The strategic location at 940 Military Parkway offers convenient access to major transportation corridors including I-635, U.S. 80, and I-30, enhancing connectivity for residents.

Community amenities include a resort swimming pool, state-of-the-art fitness center, conference facilities, business center, children's playroom, and athletic court. The clubroom features a mini-kitchen with upgraded appliances and quartz countertops, while outdoor spaces include gazebos with grilling stations and a playground. Preleasing is scheduled for Summer 2026, with initial unit deliveries expected in Fall 2026.

This development represents a significant investment in Mesquite's housing infrastructure, providing affordable options for workforce families while maintaining high-quality living standards. The project's mixed-income model serves as a blueprint for sustainable community development, balancing economic accessibility with premium amenities that enhance quality of life for all residents.