Dominium Secures Debt and Equity for Phoenix BTR Project

Dominium Secures Debt and Equity for Phoenix BTR Project

Walker & Dunlop (W&D) has successfully secured financing for Saddleback Village at Stonegate, a build-for-rent multifamily development in Maricopa, Arizona. The project will consist of 215 family rental homes on a 19-acre site purchased by developer Dominium 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, worked together to arrange $45.7 million in permanent debt and $41.5 million in LIHTC equity from Freddie Mac as the permanent lender.

Located south of Phoenix in Pinal County’s Maricopa area, Saddleback Village at Stonegate offers single-family home-style living with affordable rents for households earning up to 60% of the county’s median income under the LIHTC program. The complex will feature a mix of two-, three-, and four-bedroom units spread across one- and two-story buildings.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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