Dominium has rounded up the money to build two Glendale apartment communities. Merchants Capital has secured more than $86.2 million in Freddie Mac 4% Low-Income Housing Tax Credit (LIHTC) Tax-Exempt Loan (TEL) Forwards for the construction of Juniper Square, a senior living community, and 67 Flats, a family housing development.
The Freddie Mac permanent financing comprises $29.8 million for Juniper Square and $56.3 million for 67 Flats. The projects are also supported by $89 million in equity bridge loans from Merchants Bank and $179 million in construction loans from Barclays Capital, Inc. The projects will be restricting 100% of units to 60% or less of the area median income (AMI).
Juniper Square is located 6504 North 67th Avenue in Glendale, Arizona. The property is set to provide brand new affordable apartment homes. The pet-friendly community will boast a range of amenities, including a swimming pool, fitness center, and clubhouse. The in-home features include granite countertops, luxury vinyl plank flooring, and 9-foot ceilings. Juniper Square delivers high quality housing, redefining the standards of affordable living.
Dominium closed the projects simultaneously in December 2023 and will soon begin construction. Completion of both properties is expected within 24 months, followed by 12 months of leasing. 67 Flats will be a 384-unit midrise multifamily property.
Dominium is a Minneapolis-based owner, developer, and manager of apartment communities nationwide. With more than 25,000 owned and/or managed units at over 200 sites in 23 states. Dominium is known for creative solutions to unique and challenging development projects, and management expertise.
