Dominium Celebrates the Closing of the Flat’s on Water’s Edge

Property News

The housing developer recently celebrated the closing of its second new construction site in the state of Florida

Dominium, a leading affordable housing owner, developer and manager, announced today the closing of the Flat’s on Water’s Edge located in Hermitage, Tenn., a suburb of Nashville.

The acquisition was originally built in 2004 using 4% low-income housing tax credits and contains 156-units. This property was Qualified Contract (QC) eligible, however Dominium’s commitment to affordable housing will keep it income and rent restricted for the next 15 years.

“We are looking forward to the opportunity to provide high-quality apartments of affordable housing to the working communities and expanding upon our existing portfolio in the greater Nashville area,” said Ryan Lunderby, Vice President and Project Partner at Dominium.

Debt financing for this project was provided by CIBC. A $2,574,000 rehabilitation of the property will be conducted upon Dominium’s takeover, this will include a clubhouse renovation, addressing deferred maintenance, landscaping and enhancing unit interiors.

Flat’s on Water’s Edge would not have been made possible without the support of development partners CIBC and Winthrop & Weinstine, among others. Dominium is grateful to those who assisted in the acquisition and all who will be involved in the construction and operation of the site moving forward.