Dominium Closes on New Construction Project in Roseville, Minnesota

Property News

The Minneapolis affordable housing developer announced the closing on its new construction project, The Oasis at Twin Lakes

Leading affordable housing owner, developer and manager, Dominium, announced that it is expanding its Minnesota affordable housing portfolio with the closing of The Oasis at Twin Lakes centrally located along County Road C in Roseville, Minnesota.

The new property—which will be completed in early 2022—will offer 228 high-quality and affordable apartment homes to families in the City of Roseville. The Oasis at Twin Lakes, along with its future sister senior property, will be developed alongside Launch Properties Twin Lakes Station commercial redevelopment and will bring an exciting mixed-use project to the Twin Lakes redevelopment area.

“Dominium is very excited to announce this new development as it will provide much-needed high-quality affordable housing in the Twin Cities metro,” said Dominium Vice President and Project Partner Ryan Lunderby.

The site demolition and environmental contamination cleanup will be facilitated by a cleanup grant from the Minnesota Department of Employment and Economic Development (DEED), a Tax Base Revitalization Account (TBRA) loan from the Metropolitan Council, and an Environmental Response Fund (ERF) loan from the Ramsey County Housing and Redevelopment Authority.

The Oasis at Twin Lakes would not be possible without financing by a Freddie Mac Forward Tax Exempt Loan serviced by Greystone, a tax-exempt construction loan and taxable equity bridge loan originated and serviced by America First Multifamily Investors (ATAX), an equity investment from RBC Community Investments in the 4% federal low income housing tax credits, and Tax Increment Financing from the City of Roseville’s Economic Development Authority.

Dominium is incredibly appreciative of the Minnesota Housing Finance Agency (MHFA) for its determination of 4% Low Income Housing Tax Credits, and allocation of Tax-Exempt Bonds issued by the City of Roseville. 

The development partners for this project include the City of Roseville, Eagle Builders, Dominium Construction & Architectural Services, BKV Group, Winthrop & Weinstine, Commercial Partners Title, Colliers Securities, Loucks Engineering, Kimley Horn, Taft, Bridgewater Bank, and Braun Intertec. Dominium would like to thank all of these partners for their assistance on this project, continued commitment to providing affordable housing and ongoing partnership.

Read full story in Twin Cities Pioneer Press