JPI has partnered with the City of Balch Springs and secured construction financing for Parmore Arcadia Trails, a $44 million senior living development in Balch Springs, Texas.
The 200-unit community will be rent restricted, with units reserved for seniors earning 60 percent or less of the area median income. Delivery is slated for February 2023.
The senior living community will take shape on 8.6 acres at the intersection of South Beltline and Mercury roads. Parmore Arcadia Trails will provide 120 one-bedroom and 80 two-bedroom apartments available for residents aged 55 and over.
The property’s amenity mix will feature a courtyard, a swimming pool and a number of community gathering spaces, including a town center area and a courtyard with lawn games. Faith-based nonprofit Apartment Life will provide services and social events.
The property is part of The Arcadia Trails, a 173-acre master-planned community with a build-out timeline of seven to 10 years. The mixed-use development will include approximately 1,070 units as well as commercial and retail space.
Parmore Arcadia Trails’ site, 18 miles east of downtown Dallas, is a short distance from interstates 20 and 635.
Multiple financing tranches
The public-private partnership’s tax-exempt, mortgage-backed bond was issued by The Texas State Affordable Housing Corp. The financing features a Fannie Mae forward commitment, under which the GSE will issue a permanent loan upon the project’s completion. Additional financing includes low-income housing tax credits, a construction loan and an equity bridge loan from Regions Bank for the development.
In July, Dominium opened Timbers at Hickory Tree, a 216-unit affordable property less than 3 miles from Parmore Arcadia Trails. Both properties apply similar rent restrictions.