Dominium Starts Work on $100M Albuquerque Affordable Housing Project

Construction recently began on a Rio Rancho affordable housing development. Sandoval Flats is anticipated to comprise 216 units, and the project costs are estimated to be nearly $100 million. Dominium, the developer, picked Pavillion Construction as the general contractor for the New Mexico project. Plans for Sandoval Flats include a clubhouse, fitness center, playground and pool with outdoor amenity space. Rents will be at or below 60% of the area median income.

Financing includes a tax-exempt construction loan from Barclays, a taxable bridge loan from Greystone Housing Impact Investors LP, a Forward TEL commitment from Freddie Mac serviced by Greystone, tax-exempt subordinate bonds from Colliers, and an equity investment in 4% federal low-income housing tax credits by WNC.

Albuquerque Business First reports that this is Dominium’s second project in the Albuquerque area. It recently acquired the Villa Hermosa apartment complex at 2600 Americare Court NW for $28.3 million and will spend $11.5 million renovating it.