Dominium Secures Funds for 600 Glendale Affordable Housing Units

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 will be a 221-unit, 55+ age-restricted property. 67 Flats will be a 384-unit midrise multifamily property. 

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. 

Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.