Palladium USA has completed the closing of Palladium Cockrell Hill Senior Living, a $34 million independent senior living community in Dallas, Texas. The development represents a strategic expansion of the company's mixed-income housing portfolio, specifically targeting the growing need for affordable senior living options in the region. The community will offer 120 residences for individuals aged 62 and older, with a significant portion dedicated to income-restricted housing.
Of the total units, 88 will be reserved for households earning between 30% and 80% of the area median income, while 32 will be available at market rates. This mixed-income model is central to the project's mission of providing attainable housing that does not compromise on quality or community. Tom Huth, President and CEO of Palladium USA, stated that the community is part of their mission to bring senior residents housing options that offer both comfort and community, representing a meaningful investment in Dallas.
The four-story, elevator-served building is designed with extensive amenities to promote resident wellness and social connection. Common areas will include a resident clubhouse, fitness center, business center, conference room, movie theater, multipurpose room, resort swimming pool with a ramp, dog park, and a pickleball court. Interior home features are designed for accessibility and modern living, incorporating energy-efficient appliances, modern cabinetry, walk-in closets, granite kitchen islands, and dual sinks in bathrooms.
Financing for the project was secured through a combination of public and private sources, highlighting a collaborative approach to affordable housing development. This included an $11.5 million HUD 231 loan, $16.8 million in tax credit equity provided by 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. The project team includes Cross Architects as the designer and Pavilion Construction as the general contractor, in partnership with Operation Community Care Living, which will manage resident enrichment programming.
Located at 4220 Blue Ridge Blvd. on a 5.15-acre site, the community offers convenient access to major roadways, healthcare providers, retail centers, and community services within the Dallas-Fort Worth Metroplex. Preleasing is scheduled to begin in the fall of 2026, with the first units expected to be delivered in early 2027. This development marks Palladium USA's sixth multifamily project in Dallas. More information about the company can be found at https://palladiumusa.com.
The opening of Palladium Cockrell Hill Senior Living comes at a time when demand for affordable senior housing is intensifying. By dedicating nearly three-quarters of its units to income-restricted households, the project directly addresses a critical gap in the housing market. The comprehensive financing package, utilizing federal, state, and city resources, demonstrates a viable model for funding similar developments. The inclusion of extensive amenities and a focus on community programming aims to combat social isolation among seniors, contributing to overall well-being. As the senior population continues to grow, developments like this one provide a template for creating inclusive, high-quality living environments that are financially accessible to a broader demographic.
