Dominium Opens Texas Affordable Community
- Jul 27, 2021
Dominium and its equity investment partner, Alliant Capital, have celebrated the grand opening of Timbers at Hickory Tree, a 216-unit affordable housing community in Balch Springs, Texas.
Located at 3401 Hickory Tree Road, the property encompasses seven three-story buildings across a 10-acre site. The community provides one-, two- and three-bedroom apartments with floorplans ranging from 703 to 1,240 square feet.
All units are rent-restricted, serving residents earning 60 percent of the area median income or less.
The pet-friendly property features a clubhouse, a swimming pool, a fitness center and a resident cafe, as well as two playground areas and grilling pavilions.
Downtown Dallas is 15 miles northwest of Timbers at Hickory Tree. The community is neighboring Luedeke Park and is less than a mile from the Elam Road retail corridor that offers several shopping and dining options. The property provides easy access to Interstate 635.
Funding the development
The Texas Department of Housing and Community Affairs has issued a $28.1 million tax-exempt note as well as 4 percent Low-Income Housing Tax Credits for the $53 million development.
The TDHCA notes were later purchased by Freddie Mac and are serviced by Berkadia. Additional funds include a construction loan provided by TCF Bank and a bridge loan funded by Colliers.
Recently, Dominium acquired a 140-unit affordable community in Bryan, Texas, in a transaction that marks the developer’s first investment in the Bryan-College Station metro area.