Walker & Dunlop (W&D) has arranged $45.7 million in permanent debt and $41.5 million in LIHTC equity for Saddleback Village at Stonegate, a build-for-rent multifamily development located in Maricopa, Arizona.
Dominium, the developer, purchased the 19 acre project site for $8.26 million.
The W&D Affordable Equity team, led by Aaron Krasnow, and the W&D Affordable Debt team, led by PJ McDevitt, arranged the debt and LIHTC equity for Dominium. Freddie Mac was identified as the permanent lender.
Saddleback Village at Stonegate is a build-for-rent multifamily complex located in Maricopa, Pinal County, south of Phoenix. The village will consist of 215 two-, three- and four-bedroom family rental homes in 123 one- and two-story buildings.
Once completed, Saddleback Village at Stonegate will bring 215 high quality homes to the City of Maricopa and the greater Phoenix metropolitan area. Constructed by Lifestyle Homes, the community will offer residents desirable amenities including a leasing center, playground, private backyards, and outdoor amenity spaces.
Under the LIHTC program, all 215 units will be rent and income-restricted for households earning at or below 60% of Pinal County’s area median income. This will offer an opportunity for single-family home-style living at affordable rents, providing families with an alternative to apartment-style living.
Walker & Dunlop is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand, and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
Founded in 1972, Dominium is a leading national owner, developer, and manager of affordable apartment communities with offices in Atlanta, Dallas, Phoenix, and Minneapolis. Owning and managing over 38,000 homes at over 230 sites in about half of all U.S. states, Dominium is known for creative solutions to unique and challenging development projects, and property management expertise. Dominium was named a Best Managed Company by Deloitte in 2020.
