Palladium USA has completed the closing of Palladium Cockrell Hill Senior Living, a $34 million independent senior living community in Dallas, Texas. This development represents a significant expansion of the company's mixed-income portfolio, specifically targeting the growing need for affordable, high-quality housing for seniors aged 62 and older.
The importance of this project lies in its direct response to the affordable housing crisis, particularly for the senior population. The community will offer 120 residences, with 88 units income-restricted for households earning between 30% and 80% of the area median income. Only 32 units will be market-rate. This model ensures that a majority of residents have access to modern, amenity-rich living at attainable costs, which is increasingly rare in major metropolitan areas like Dallas.
The four-story community, designed by Cross Architects, will feature extensive amenities aimed at promoting wellness and social connection. These include a resident clubhouse, fitness center, business center, movie theater, multipurpose room, resort swimming pool with a ramp, a dog park, and a pickleball court. Interior features in the one- and two-bedroom homes will include energy-efficient appliances, modern cabinetry, walk-in closets, and accessible layouts. The project's financing structure underscores its public-private nature and societal importance. It utilized an $11.5 million HUD 231 loan, $16.8 million in tax credit equity from Regions Bank, and a $5 million HOME loan from the City of Dallas. The community was also awarded 2024 9% Housing Tax Credits by the Texas Department of Housing and Community Affairs.
"This community represents a meaningful investment in Dallas, and we're grateful to our partners for helping bring this to life," said Tom Huth, President and CEO of Palladium USA. The project is the company's sixth multifamily development in Dallas. Operation Community Care Living (OCC Living) will manage resident enrichment programming, adding a layer of supportive services to enhance daily life. The community's location at 4220 Blue Ridge Blvd. is strategically chosen for its access to major roadways, healthcare, retail, and community services.
The implications of this development are substantial for the local housing market and for seniors seeking affordability without sacrificing quality. By providing a significant number of income-restricted units within a comprehensively amenitized community, Palladium USA is setting a precedent for how private development can effectively partner with public financing tools to address a critical social need. For more information on Palladium USA, visit https://palladiumusa.com. Preleasing is scheduled to begin in fall 2026, with the first units expected to be delivered in early 2027.
