Dominium expanded its portfolio of Minnesota developments with the closing on the land for a new senior living apartment community, Oaks Landing, located in New Brighton, Minnesota.
Oaks Landing will act as the sister property to Brighton Oaks, which closed last year.
The 204-unit development will provide affordable housing to the age 55+ community in New Brighton. The site is the redevelopment of a former vacant elementary school.
Development partners for this project include the City of New Brighton, Dominium Construction & Architectural Services LLC, Eagle Builders, BKV Group, Loucks, Winthrop & Weinsteine, Colliers International and Commercial Partners Title.
The project was made possible by our development and financing partners, including financing by a Freddie Mac Tax-Exempt Loan serviced by Citibank, a taxable supplemental loan and construction loan provided by Citibank, an equity bridge loan provided by Alliance Bank, an equity investment in the 4 percent Federal Low-Income Housing Tax Credits from WNC & Associates, Inc and Tax Increment Financing from the City of New Brighton.
Lastly, this project could not have been made possible without Minnesota Housing’ determination of Federal Low-Income Housing Tax Credits and the City of New Brighton as the land seller and conduit issuer of tax-exempt debt.