July 10, 2020
Minneapolis-based affordable housing developer Dominium has closed on construction financing for Scharbauer Flats in Midland. The new apartment complex, at 1915 E Scharbauer Dr., will be Dominium’s second in this West Texas city and will contain 300 units.
“The apartment community will extend our commitment of providing quality and affordable housing in communities that need it and continue our growth efforts in the southern U.S.,” said Dominium VP and project partner Jeff Spicer.
Scharbauer Flats, an $80-million project, was financed with a Freddie Mac Forward Tax Exempt Loan serviced by Greystone, a construction and equity bridge loan provided by America First Multifamily Investors, and an equity investment in the 4% federal low-income housing tax credits from Aegon.
Pictured: Ventura at Tradewinds, Dominium’s previous project in Midland.
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