Dominium Announces the Closing of Oaks at St. John

Property News

The housing developer successfully closed on a resyndication development in Ponte Vedra Beach, Fla.

Dominium, a leading affordable housing owner, developer and manager, announced today the closing of Oaks at St. John, located in Ponte Vedra Beach, a suburb of Jacksonville, Fla. The apartment community will be resyndicated in 2022, at which time it will go through a $6 million rehabilitation.

The 160-unit property built in 2004 was originally financed through the 9% low-income housing tax credit program. Currently, the property serves a community at both 30% and 60% of the area median income.

“We are excited to be adding to Dominium’s existing portfolio in Florida with this apartment community that will provide much-need affordable housing to the area,” said Vice President & Project Partner Terry Sween.

The Oaks at St. John received acquisition debt financing from Bridgewater Bank. Development partners for this project include Bridgewater Bank, Winthrop & Weinstine and Commercial Partners Title, among others. Dominium is grateful for these partners who made this project possible and others who will be involved in the rehabilitation and operations moving forward.