C-PACE funding has provided significant support to the multifamily housing sector in the northern suburbs of Dallas, with two major transactions recently finalized for projects in Princeton and Celina.
Blom Capital, headquartered in Denton, secured $21.9 million through C-PACE financing for its Ironwood at Princeton development. The 306-unit apartment complex is located at 599 Princeton Drive in Princeton. The financing was facilitated by Nuveen Green Capital and Lone Star PACE. According to loan documents, Blom plans to use these funds to upgrade the property’s lighting, HVAC systems, building envelope, and hot water system to improve energy efficiency.
In Celina, JPI, an Irving-based developer, obtained $23.5 million in C-PACE funding for Jefferson Ownsby—a 436-unit apartment project currently under construction at 317 East Ownsby Parkway. Aquarian Holdings and PACE Equity facilitated this financing arrangement.
Princeton is situated about 43 miles northeast of Downtown Dallas and experienced rapid growth between July 2023 and July 2024, increasing its population by more than 30 percent to just over 37,000 residents according to Census estimates. This growth rate earned Princeton recognition as the fastest-growing city in the country in 2025. Celina, located a similar distance from Dallas but directly north, has also previously been recognized as one of the nation’s fastest-growing cities.
The strong population growth in both towns has driven increased interest from multifamily developers and investors aiming to meet local housing demand. This contrasts with broader trends in the Dallas-Fort Worth area’s multifamily market, which has faced challenges due to a large influx of new units.
C-PACE lending programs have become increasingly attractive for real estate developers while institutional lending remains limited. These programs can finance up to a quarter of a project’s total capital stack.
“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.”
