Dominium Announces the Successful Closing of City Parc at West Oaks

Property News

The housing developer recently celebrated a resyndication closing in Houston, Texas

Dominium, a leading affordable housing owner, developer and manager, announced today the financial closing of City Parc at West Oaks, and its plans for a $7 million rehabilitation of the property to be led by Dominium Construction & Architectural Services. The 168-unit property located in Houston, Texas, was originally constructed in 2003 with financing through the 4% low-income housing tax credit program.

In March 2011, Dominium acquired the general partner interest in the property and has owned and operated it since. The renovation will include an extensive remodel of the existing clubhouse, a new fitness center and supportive services room, the construction of a new bus stop, installation of a new playground, and the addition of a new pavilion and grilling area. Resident homes will receive new appliances, countertops, flooring, low-flow plumbing fixtures, and energy-efficient light fixtures.

“Dominium is grateful for the opportunity to resyndicate this development that will continue to provide much-needed affordable housing to the Houston area,” said Dominium Vice President & Project Partner Neal Route.

Financing for this project include a Freddie Mac Tax Exempt Loan serviced by Merchants Capital Corp., an equity bridge loan provided by Merchants Bank of Indiana, and an equity investment from Merchants Capital Investments, LLC in the 4% federal low-income housing tax credits. Additional support came from the Texas Department of Housing and Community Affairs for their determination of obtaining the housing tax credits, as well as the Harris County Housing Finance Corporation for its issuance of tax-exempt bonds.

This project was developed in partnership with Winthrop & Weinstine, Loucks, Braun Intertec, Colliers International, and Commercial Partners Title.

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