Dwight Capital Finances $35.2MM HUD 221(d)(4) Loan for Millennium Village Apartments in Garland, TX

Dwight Capital has successfully 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 a diverse mix of 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 community is designed to offer a wide range of thoughtful amenities, including a clubhouse, fitness center, resort-style pool, rooftop lounge with an outdoor deck, and electric vehicle charging stations. Additional features include a self-service pet wash station, dog park, and security-controlled access. Each apartment will come equipped with high-end finishes such as granite countertops, wood-look vinyl plank flooring, stainless steel appliances, and in-unit washers and dryers, ensuring a modern and convenient living experience for residents.

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 (MIP) of 25 basis points, as Millennium Village is pending a National Green Building Standard (“NGBS”) Bronze Certification. This transaction was originated by Brandon Baksh and Brian Yee.

"We owe this success to the partners of Millennium Village LP and my incredible team at Pinnacle. Each member at Pinnacle has contributed their unique talents and relentless effort to bring this development forward. As we celebrate this achievement, we look forward to continuing our relationship with the team at Dwight Capital."- William Tsao, of Pinnacle Facility Engineering.