Dallas Multifamily Developers Score C-PACE Funding

C-PACE funding is providing a much-needed boost for Dallas’ multifamily market.

In two recent transactions, the state policy-enabled green lending program buoyed multifamily projects in the buzzy north Dallas suburbs of Princeton and Celina, Traded first reported.

Blom Capital, which is based in Denton, secured $21.9 million in C-PACE financing for Ironwood at Princeton, a 306-unit apartment complex at 599 Princeton Drive in Princeton. Nuveen Green Capital and Lone Star PACE facilitated the financing. Blom is going to use the funding to make energy efficient updates to the property’s lighting, HVAC, building envelope and hot water system, according to loan documents.

In nearby Celina, Irving-based JPI scored $23.5 million in C-PACE funding for the development of Jefferson Ownsby, a 436-unit apartment complex JPI is building at 317 East Ownsby Parkway. Aquarian Holdings and PACE Equity facilitated the financing.

Princeton, which is about 43 miles northeast of Downtown Dallas, was named the fastest-growing city in the country in 2025. The Collin County town grew by more than 30 percent from July 2023 to July 2024, bringing its population to just over 37,000 — more than double what it was at the start of the decade, according to Census estimates.

Celina is about the same distance from Dallas as Princeton, but due north. Its spot in the North Dallas growth path means it’s been crowned the nation’s fastest-growing city in the past.

The growth in Princeton and Celina explains the interest from multifamily developers and investors in providing housing for these markets. It’s a marked difference from the Dallas-Fort Worth multifamily market as a whole, which has been dampened in recent years by tens of thousands of new units coming online at the same time.

C-PACE has become a popular option for developers and investors while institutional lending is still tight. It can be used for up to 25 percent of a project’s capital stack.