NRP Group JV Kicks Off 288-Unit Affordable Project
Financing for this development includes a $58 million construction loan.
A joint venture between The NRP Group and the City of Mesquite Housing Finance Corp. has started construction on The Fielder, a 288-unit affordable housing development in Mesquite, Texas, a Dallas-Fort Worth submarket. The community is scheduled to come online in 2026.
Financing for the project includes $41.7 million in tax-exempt bonds originated by The Mesquite Housing Finance Corp., through Wilmington Trust, Yardi Matrix information shows. Bank of America also granted a $57.8 million loan, while Bellwether Enterprise Real Estate Capital provided permanent financing.
The project is the first such partnership between a developer and the City of Mesquite. Upon completion, units will be reserved for residents earning between 50 to 70 percent of the area median income.
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Designed by Alta Architects, the community will consist of nine three-story buildings and feature one- to four-bedroom layouts. Common-area amenities will include a swimming pool, fitness center and community garden, as well as a dog park and multiple playgrounds. Additionally, resident services will include essential health and wellness screenings.
Rising at 1300 Wooded Lake Drive, the property is close to a host of dining and retail destinations and 6 miles from downtown Mesquite. The DFW International Airport is within 30 miles, while downtown Dallas is 12 miles southwest.
DFW to grow affordable housing inventory
The Dallas-Fort Worth market currently has 91 fully affordable communities under construction or in different planning stages, Yardi Matrix shows. Upon completion, these projects would total around 14,260 units.
Besides new apartment construction designated as income-restricted, there are also market-rate communities converted into affordable housing. Earlier this month, a joint venture between Waterford Property Co. and The Vistria Group acquired the 299-unit Axis Kessler Park in Dallas and applied to receive tax-exempt bonds and tax abatement. The new ownership will restrict rents for 90 percent of the units.
