Dominium Announces the Closing of Property for Oaks Landing Development

Property News

The Minneapolis developer announces plans for a new senior living property in New Brighton, Minnesota

Dominium, a leading Minneapolis-based apartment owner, developer and manager announced today that it will be expanding 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, Minnesota. The site is the redevelopment of a former vacant elementary school that was sought to be redeveloped by the City of New Brighton.

Development partners for this project include the City of New Brighton, Dominium Construction & Architectural Services, Eagle Builders, BKV Group, Loucks, Winthrop & Weinsteine, Colliers International and Commercial Partners Title.

“Dominium is looking forward to providing additional much-needed affordable housing to the senior community here in New Brighton,” said Dominium Vice President and Project Partner Owen Metz. “Oaks Landing will provide long-term value to the area, alongside its sister property, Brighton Oaks.”

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% 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.