Dominium Obtains Debt, Equity for Phoenix-Area BTR Project

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.

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.