Mixed-Income Housing near Dallas’ Southwestern Medical District

Converting an existing multifamily property into mixed-income affordable housing in a high-cost, high-opportunity area requires innovative financial tools and the right partnerships.

We worked with Optigo® lender Grandbridge Real Estate Capital and Impact Sponsor CAF Capital Partners to fund a $42.5 million fixed-rate Targeted Affordable Housing (TAH) cash loan for 2929 Wycliff Apartments — a 284-unit garden-style apartment complex that offers a range of affordable- to market-rate rents in the Oak Lawn neighborhood of Dallas.

CAF Capital Partners worked with the city of Dallas and investors, Kayne Anderson and Texas Housing Conservancy, to successfully acquire and convert 2929 Wycliff into mixed-income housing. “This innovative transaction embodies a win-win-win partnership that brings together key city stakeholders to collaboratively drive significant community impact,” said Matt Falkin, senior vice president at CAF.

Opening Doors through Mixed-Income Housing

Through the regulatory agreement, 90% of the property’s units are income and rent-restricted ranging from 140% area median income (AMI) to 60% AMI — providing a variety of affordable housing options for renters in the Dallas community. The regulatory agreement, along with a ground lease agreement, is required in connection with the tax exemption benefiting the property. The property has also undergone improvements that help reduce monthly utility expenses, driving deeper affordability beyond rental reductions.

“This innovative transaction demonstrates Grandbridge’s commitment to creating and preserving affordable housing in high-cost markets,” said Adam Oates, president of Grandbridge Real Estate Capital, a wholly owned subsidiary of Truist. “Projects like these reflect our purpose of fostering stronger communities that expand opportunities.”

Residential Nutritional Program Bolsters Community Engagement

Given the property’s close proximity to Dallas’ Southwestern Medical District, CAF partnered with UT Southwestern Culinary Medicine Department to provide two students subsidized housing in exchange for their services hosting on-site cooking classes and personalized nutritional programs for Wycliff residents. The program is hosted on a reoccurring basis at 2929 Wycliff and follows the philosophy that “food is medicine”.

We’re proud to have worked with Grandbridge and their partners to support the livelihood of America’s renters and supply affordable housing in areas that need it most.