Dominium Announces the Grand Opening of Stonepointe

Property News

The senior housing community is Dominium’s second new construction in the state of Georgia

Dominium, a leading affording housing owner, developer, and manager, celebrated the grand opening of Stonepointe, a 238-unit affordable senior housing development in DeKalb County, Ga. on Feb. 2. Video of the event is available here. Photos are available here.

Speakers included Stonecrest Councilmember Rob Turner, DeKalb County Commissioner Mereda Davis Johnson, and Stonecrest Councilmember & Mayor Pro tem George Turner. From Dominium, Senior Managing Partner Paul Sween, Managing Partner and Executive Vice President of Development Mark Moorhouse, Vice President and Project Partner Shaun Reinhardt, and Government Relations Associate Jordan Jones spoke at the event. So, too, did Beverly J. Searles Foundation President Phillip Searles and Development Manager Cassius Coleman.

“The best is when we can form a collaborative partnership and create something that we all can be proud of – and that is what we have here,” said Councilmember & Mayor Pro tem Turner. “We are proud to have you here, and we commit to support and promote this great development.”

The new community will provide seniors with high-quality homes and amenities at an affordable rate. Stonepointe offers a mix of one-, two- and three-bedroom units. The apartment community will be restricted to seniors age 55+ earning no more than 60% of the Area Median Income. Construction for the property was completed in February of 2021. Stonepointe offers residents a range of amenities including a community room equipped with a fireplace and kitchen, a fitness center, a theater room, a beauty salon, and a landscaped patio with a gazebo, a koi pond, community gardens, a fire pit and grill station, a bocce ball court, and a fenced-in area for dogs. Surface parking is free to all residents.

“I have a master’s degree in Communications,” said Councilmember Rob Turner. “So, I’m looking at my vocabulary and thinking ‘What’s the most powerful word I know’ [to describe this property…] and it really boiled down to one word… Wow.”

Stonepointe was financed using a Freddie Mac Forward TEL service by Jones Lange LaSalle, a tax-exempt construction loan and taxable equity bridge loan originated by Fifth Third Bank, an equity investment from Stratford Capital Group in the 4% federal Low Income Housing Tax Credits (LIHTCs), and an equity investment from Monarch Private Capital in the Georgia State LIHTCs. The Housing Authority of the City of Stonecrest was the conduit issuer of the tax-exempt debt. The Georgia Department of Community Affairs issued the federal and state LIHTCs. The Beverly J. Searles Foundation was our JV Partner on this project.