Dominium has successfully secured the necessary funds to commence construction on two new apartment communities in Glendale. Merchants Capital, a leading financial institution, has facilitated over $86.2 million through Freddie Mac’s 4% Low-Income Housing Tax Credit (LIHTC) Tax-Exempt Loan (TEL) Forwards program for the development of Juniper Square and 67 Flats.
The permanent financing from Freddie Mac totals $29.8 million for Juniper Square and $56.3 million for 67 Flats respectively, with additional support from equity bridge loans provided by Merchants Bank totaling $89 million and construction loans worth $179 million from Barclays Capital, Inc.
Both projects will be exclusively available to individuals or families earning up to 60% of the area median income (AMI). The senior living community at Juniper Square will consist of 221 units while the midrise multifamily property at 67 Flats will offer a total of384 units.
In December2023,Dominium successfully closed both projects simultaneously and is now gearing up to begin construction soon after.Completion is expected within24 months followed by an additional12 months dedicated towards leasing activities.
