Associated Bank, Great Southern Bank Close $58.2M Construction Loan for Dominium's Affordable Build-To-Rent Community in Terrell, Texas
Associated Bank and Great Southern Bank have closed a $58,220,000 construction loan to Dominium for the development of Terrell Family Apartments, a 350-unit affordable build-to-rent community at 1010 Rose Hill Road in Terrell, Texas, the bank announced Aug. 26.
Associated Bank served as lead arranger and administrative agent on the financing, with Great Southern Bank participating directly in the loan. The project is structured as a 4% Low-Income Housing Tax Credit development and will be restricted to households earning no more than 60% of the area median income.
Project Details: Scale, Design and Amenities
Situated on approximately 30 acres roughly 30 miles east of Dallas, Terrell Family Apartments will comprise 190 single-story buildings totaling 350 homes. The project spans an estimated 480,000 square feet of residential improvements, translating to an average of approximately 1,370 square feet per unit. The unit mix emphasizes family-oriented floor plans, with three- and four-bedroom configurations making up the majority of the development.
Planned community amenities include a clubhouse, fitness center, swimming pool, outdoor gathering spaces, playgrounds and a private school bus shelter. The project is also designed to provide residents with approximately 15 hours of free weekly tutoring services, an on-site educational offering tailored to resident families' needs.
Construction is slated for completion in the second quarter of 2029. The project is also referred to in some materials as The Brooks at Rose Hill. A Dominium affiliate, Terrell Leased Housing Associates I, LP, is listed as owner and developer of record.
Capital Stack and Tax Credit Structure
The $58,220,000 senior construction loan represents the debt component of a financing package anchored by 4% LIHTC equity. Under federal LIHTC rules, 4% credits are typically paired with tax-exempt bond financing and can cover a substantial share of eligible construction costs. All units at Terrell Family Apartments will be income-restricted to households at or below 60% of the area median income.
The total estimated construction value for the project is approximately $70 million, or roughly $200,000 per unit and $146 per square foot, based on project filings with the Texas Department of Licensing and Regulation.
Randy Stille, a senior vice president with Associated Bank's Commercial Real Estate division in Minneapolis, managed the loan arrangements and closing. "We are pleased to provide financing for another affordable Dominium project in Texas that will contribute high-quality housing for the growing Dallas suburb of Terrell," Stille said.
Dominium's Affordable Housing Platform
Founded in 1972, Dominium owns, develops and manages more than 40,000 homes across more than 220 communities nationwide. The firm maintains regional offices in Atlanta, Dallas, Phoenix and Minneapolis and focuses on addressing housing supply gaps through tax-credit-backed communities.
Terrell City Council rezoned approximately 65 to 66 acres in southwest Terrell from agricultural and multifamily designations to planned development in August 2025 to accommodate a large residential community by a Minnesota-based developer, a rezoning widely associated with the Dominium project.
Market Context: DFW's Growing Build-To-Rent and Affordable Housing Demand
Terrell, located in Kaufman County, has emerged as one of the faster-growing submarkets in the broader Dallas–Fort Worth metropolitan area, drawing demand for workforce and family housing as the region's population expands eastward. The Terrell Family Apartments project is designed to address a supply gap in family-sized, income-restricted rental housing in that corridor.
Associated Bank's Commercial Real Estate division operates offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin, and provides financing solutions to commercial real estate developers, owners and operators across those markets. Associated Banc-Corp (NYSE: ASB), the bank's parent company, holds approximately $52 billion in total assets and is headquartered in Green Bay, Wisconsin.