Dominium has commenced construction on two affordable housing projects in Glendale, totaling 605 units for families and seniors. With over 1,500 affordable homes currently being built across the Valley and plans for an additional 1,500 units in the coming years, Dominium is a leader in providing accessible housing options.
Merchants Capital played a crucial role in securing funding for these developments. Through Freddie Mac’s Low-Income Housing Tax Credit (LIHTC) program and Tax-Exempt Loan (TEL) Forwards, they were able to secure $86.2 million for Juniper Square – a senior living community – and 67 Flats – a family housing development. In addition to this financing, Merchants also provided an equity bridge loan of $89 million.
Barclays Capital Inc., meanwhile contributed construction loans worth $179 million towards these projects’ completion.
Both Juniper Square and 67 Flats will offer affordable options exclusively to households with incomes at or below 60% of the area median income (AMI). The former will consist of 221 age-restricted units while the latter will feature midrise multifamily properties comprising of up to384 apartments.
The joint venture between Weis Builders and Dominium Construction & Architectural Services known as W.D Construction has been tasked with constructing both developments.
