DALLAS, TX – Gardner Capital supports the city of Fate, Texas and seniors alike and has begun work on Gala at Fate, a public-private partnership that aims to provide quality senior housing as well as additional long-term income for the city itself. Gardner Capital, a family-owned private equity firm specializing in apartment building and renewable energy development and investment, continues to increase its annual capital allocation for investments in markets across Texas – with several affordable housing developments spanning both Seniors as well as families focus on mixed income developments.
For Gala at Fate, the City of Fate will partner with Gardner Capital through its Public Facilities Corporation (PFC), lease the land, and partner with Gardner Capital to own and operate the project for the long term – what the City of Fate does allows additional income that can be used for future public or economic endeavors. In addition to Gardner Capital, CREA and Citibank are further financial partners for the project, with Citibank taking on both the construction and the permanent financing.
"The City of Destiny is excited to welcome quality senior housing to our growing city," said Mayor Joe Burger. "An important part of our community's overall plan is to offer a wide range of housing options, from first-time home buyers to retired grandparents living in our community. The Gala at Fate offers independent seniors an affordable opportunity to be close by of their loved ones to live in fate. "
"Establishing Fate Public Facility Corporation was key to getting this project off the ground," said Allen Robbins, president of Fate Public Facility Corporation. "PFC's partnership with Gardner Capital not only creates high-quality senior housing, but also offers lasting value for the City of Destiny."
"We are excited about our new partnership with the City of Fate and look forward to building on this long-term partnership in the years to come. As we continue to expand our investments in the DFW region, we look forward to the necessary development and development to enable. " Funding for other communities in the DFW region to provide higher quality, affordable housing … at a time when housing is becoming increasingly unaffordable. Through these long-term partnerships, we can create transformative developments, but above all we can provide quality, affordable housing to people in need, "said Michael Gardner, Principal and CEO of Gardner Capital, about the value and importance of public-private partnerships Partnerships are especially important in challenging and uncertain economic environments.
The project is expected to be completed in January 2022 and is located at 359 E. Black Oak Ln. The Gala at Fate offers 185 units with a mix of one, two and three bedroom apartments. The high quality retirement home will serve seniors of all incomes, including those with fixed incomes, with upgraded architecture and amenities, plus a resort style pool and fully equipped clubhouse with a fitness center and club room. Treymore Construction is the general contractor for Gala at Fate.