Dominium Receives $81M Construction Financing for South Range Crossing Apartments in Parker, Colorado
PARKER, COLO. — Plymouth, Minn.-based Dominium has received $81 million in construction and permanent financing for the development of South Range Crossing Apartments, an affordable housing complex in Parker.
KeyBank Real Estate Capital (KBREC) secured the financing, which includes a $50 million construction loan and a $31 million Freddie Mac Tax-Exempt Loan (TEL) forward commitment. Financing partners include CREA, which provided a 4 percent low-income housing tax credit equity investment, and the Colorado Housing Finance Agency, which issued bonds and allocated the credits.
Al Beaumariage of KBREC’s Commercial Mortgage Group and Kelly Frank of KeyBank’s Community Development Lending and Investment team structured the financing.
Situated on 11 acres, South Range Crossing will feature 204 units in a mix of one-, two- and three-bedroom layouts spread across eight three-story residential buildings. The property will also feature a clubhouse with a business center, pool, spa, playground and fitness center.
All units will be affordable to residents earning up to 60 percent of the area median income. Completion is slated for 2021.