Dominium Finds Multiple Funding Sources for DFW Affordable Housing Project
Dominium plans to develop Matlock Flats, a 192-unit affordable multifamily community in Arlington, Texas, in the Dallas-Fort Worth area. WD Construction, a joint venture between Weis Builders and Dominium’s construction branch, will serve as general contractor.
According to Yardi Matrix data, Dominium financed the $80 million Matlock Flats with funds from various sources. The developer obtained $39.1 million in bonds from Wilmington Trust, originated by Arlington Housing Finance Corp., as well as a $3.4 million bridge loan from Bridgewater Bank. The development will also receive subsidies through the Section 42 LIHTX Credit Program. Other partners in the project include JLL, Colliers Securities and The Huntington National Bank, along with Comerica Bank and Huntington Community Development Corp.
Upon completion, the community will comprise 108 two-bedroom and 84 three-bedroom floorplans. Common-area amenities will encompass patios, a swimming pool, fitness center, clubroom, dog park and playground.
Located at 6900 Matlock Road, the development site is roughly 20 miles from Fort Worth and 28 miles from Dallas, via Interstate 20.