Dominium Celebrates the Successful Closing of Grayson Ridge

Property News

The Minneapolis developer is excited to announce the closing of this Lawrenceville, Georgia project

Dominium, a leading Minneapolis-based affordable housing owner, developer and manager is marking its third new construction project in the state of Georgia with the closing of Grayson Ridge, located in Lawrenceville at 1466 Grayson Highway.

The $50 million development will provide 240 units of affordable senior housing to the Lawrenceville community. Developing partners include the City of Lawrenceville, H.J. Russell & Company, Martin Riley Associates, Butler Snow, Winthrop & Weinstine, First American Title Company, AEC, Inc. and Dominium’s JV Partner Beverly J. Searles Foundation.

“We are excited to move forward with the construction of Grayson Ridge and continue our commitment to providing affordable senior housing in Georgia,” said Dominium Vice President and Project Partner Mark Sween. “We believe our addition of high-quality housing will add great value to the Lawrenceville community.”

The financing of this project was made possible with a Freddie Mac Forward Tax Exempt Loan serviced by KeyBank, a tax-exempt construction loan and taxable equity bridge loan originated and serviced by KeyBank, an equity investment from Stratford Capital Group in the 4% federal low income housing tax credits, and an equity investment from Monarch Private Capital in the Georgia state low income housing tax credits. Dominium is also grateful for the Lawrenceville Housing Authority as the conduit issuer of the tax-exempt debt and Georgia Department of Community for their issuance of the federal and state low income housing tax credits.