The city of Fate, TX, has embarked on a public-private partnership with several real estate and financial firms to develop an affordable seniors housing community. If successful, the venture is expected to become a long-term revenue stream for the town.
The senior living development, Gala at Fate, required the city to create and maintain a nonprofit public facility corporation. It is partnering with private equity firm Gardner Capital to lease the land, with plans for long-term ownership and operation of the facility, which will allow for additional city revenue that can be used for future public or economic efforts.
CREA and Citibank also are serving as financial partners for the project, with Citibank providing both construction and permanent financing. Anticipated for completion in January 2022, the community will offer a mix of one-, two- and three-bedroom apartments and will include a resort-style pool and fitness center.
“The creation of the Fate Public Facility Corp. was the key to get this project off the ground,” said Allen Robbins, president of the Fate Public Facility Corp. “The PFC’s partnership with Gardner Capital not only creates high-quality senior housing, but also provides lasting value for the city of Fate.”