Dominium Receives $354.2M Financing Package for Two Affordable Housing Projects in Glendale, Arizona

by Jeff Shaw

GLENDALE, ARIZ. — Merchants Capital has arranged more than $86.2 million in Freddie Mac 4 percent Low-Income Housing Tax Credit (LIHTC) Tax-Exempt Loan (TEL) forwards for the construction of Juniper Square, an affordable seniors housing community, and 67 Flats, an affordable family housing development, both in Glendale.

Dominium Inc. is developing the two communities. The properties will maintain affordability through 2053, which will restrict all units to residents earning 60 percent or less of the area median income.

The Freddie Mac permanent financing comprises $29.8 million for Juniper Square and $56.3 million for 67 Flats. In addition, Merchants Bank provided $89 million in equity bridge loans, while Barclays Capital provided $179 million in construction loans.

Juniper Square will offer 221 units for residents age 55 or older spread across two four-story residential buildings. Common amenities will include onsite management, elevators, a swimming pool, clubhouse, sports court, central laundry, fitness center, media/theater room, library, hairdresser, pub/game room and recreation and picnic areas.

Consisting of 14 three-story residential buildings, 67 Flats will offer 384 apartments. The community will also feature four non-residential buildings, including a leasing office, clubhouse and fitness center. Community amenities will include onsite management, a swimming pool, sports court, central laundry, recreational and picnic areas, a playground, game room and indoor kids’ playroom for families and children.

In-unit amenities at both properties will include patios/balconies, drapes/blinds, carpet/vinyl plank flooring, central air conditioning, coat closets, ceiling fans, washer/dryer connections, stainless steel appliance packages and walk-in closets.

Dominium closed on the projects simultaneously in December 2023 and will soon begin construction. Completion of both properties is scheduled for 2026, followed by 12 months of leasing.

You may also like