Dominium Announces the Resyndication Closing of Riverstation

Property News

The housing developer recently celebrated another addition to its development portfolio in the state of Texas

Dominium, a leading affordable housing owner, developer and manager, announced today the resyndication closing of Riverstation, a 236-unit apartment community located in Dallas. Riverstation was originally constructed in 2003 and financed through the 4% low-income housing tax credit program. In late 2018, Dominium acquired the partnership interest and has operated the property ever since.

“We are looking forward to bringing more affordable housing options to the Dallas-area and expanding our reach and continuing to assist families and individuals across the state of Texas,” said Vice President & Project Partner Jeff Spicer.

The resyndcation closing will fund the $10 million rehabilitation of Riverstation which will be performed by Dominium Construction & Architectural Services. The renovations will include an extensive remodel of the clubhouse, an activity building for Dominium’s supportive services programs, a new bus stop, playground and site amenities. Resident apartment homes will receive new appliances, kitchen and bathroom cabinets, countertops, sinks, faucets, water heaters, and air handlers and condensers.

Financing partners for this project include Merchants Bank of Indiana for the construction loan, equity bridge loan, Freddie Mac TEL serviced by Merchants Capital Corporation and the tax credit equity investment from Polaris Capital. Additional support was provided by the Texas Department of Housing and Community Affairs (TDHCA) on acquiring the Housing Tax Credits, as well as the Texas State Affordable Housing Corporation (TSAHC) for its issuance of tax-exempt bonds. Development partners are Winthrop & Weinstine, Dominium Construction & Architectural Services, Loucks, Braun Intertec and Commercial Partners Title.

Dominium is grateful for these partners who made it possible to close this transaction and to all who will be involved in the remodeling and operations in the future.