Dominium Announces the Closings of The Promenade and Willow Place

Property News

The housing developer successfully closed on its first family new construction and its fifth senior new construction in Georgia

Dominium, a leading affordable housing owner, developer and manager, announced today that it has closed on The Promenade and Willow Place, located at 150 South Zack Hinton Pkwy. in McDonough, Ga. The combined $130 million development, once constructed, will provide 288 homes of high-quality affordable family housing and 182 homes of high-quality affordable senior housing to the Atlanta metro area.

“We are excited to be adding this new development to our roster of Atlanta-area properties. The Promenade and Willow Place will provide much-needed affordable housing in this rapidly growing market,” said Dominium Vice President and Project Partner Nick Andersen.

Financing partners for this project include a Freddie Mac TEL for both deals, serviced by Greystone; tax-exempt and taxable construction loans originated and serviced by U.S. Bank for The Promenade and America First Multifamily Investors (ATAX) for Willow Place; and, equity investments in the 4% low-income housing state and federal tax credits from U.S. Bank for both deals. Dominium also received support from Georgia Housing and Finance Authority (GHFA) in obtaining the 4% low income housing tax credits and McDonough Housing Authority for the allocation of tax-exempt bonds.

Dominium worked with development partners including The City of McDonough, Georgia Department of Community Affairs, Weis Builders, Dominium Construction & Architectural Services, Martin Riley & Associates, Kimley Horn, Winthrop & Weinstine, Falcon Design Consultants, Nova Engineering and First American Title.

Dominium is grateful to all of its development and financing partners for their assistance on this project, their ongoing partnership and continued commitment to providing affordable housing.