Dominium Announces the Land Closing of Colorado Springs Pro-Bono Development

Property News

The housing developer recently celebrated the closing of The Commons located in Colorado Springs, Colorado

Dominium, a leading affordable housing owner, developer and manager, announced today the closing of The Commons, a pro-bono project furthering the mission to provide high-quality affordable housing to its communities across the U.S. In partnership with non-profit co-developers, the 50-unit apartment community will aid homeless individuals and families in the Colorado Springs area.

The Commons will be managed by Rocky Mountain Communities, a non-profit that has been helping families since 1992 and currently owns and manages 1,500 apartment homes in Colorado. Co-development partner Homeward Pikes Peak has been serving the Colorado Springs community for over 15 years.

Located at 3745 Marion Drive, the $20 million project will serve those who are experiencing homelessness with wrap-around, on-site social services. These services will be led by Homeward Pike Peak—a co-development partner, along with contributions from Catholic Charities and Diversus Health Services.

“This will be the first project in Colorado Springs to serve homeless families and Dominium is grateful to be furthering the important mission of increasing housing options as such in the area,” said Dominium Vice President & Project Partner Jeff Huggett.

Debt financing for this project included a construction and permanent loan from ANB Bank, with additional financial support from Federal Home Loan Bank of Topeka, City of Colorado Springs, Colorado Division of Housing for Federal and State Vouchers, Colorado Department of Local Affairs, El Pomar Foundation and Colorado Springs Utilities. The equity investment of the 9% Federal Low-Income Housing Tax Credits were purchased by Morgan Stanley through Enterprise Housing Credit Investments. Colorado Housing and Finance Authority allocated the 9% competitive tax credits.

Development partners for the project include the City of Colorado Springs, Homeward Pikes Peak, Rocky Mountain Communities, Bryan Construction, Winthrop & Weinstine, Ebersoldt + Associates Architects, Loucks, Commercial Partners Title, Terracon, Clark and Colorado Springs Housing Authority, among many others.

Dominium is grateful for these partners who made this project possible and others who will be involved in the construction and operations moving forward.

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