Dominium Announces the Land Closing for New Senior Affordable Housing Development in Kissimmee, Florida

Heron Ridge is the third new construction project for the housing developer in Florida

Dominium, a leading affordable housing owner, developer and manager, announced today the closing of the land sale to construct a new 331-unit affordable housing development for seniors located off Yates Road and U.S. Highway 192 in Kissimmee, Fla.

Heron Ridge is Dominium’s third new construction project in Florida and once constructed, will provide much needed affordable housing to local seniors in the Orlando metropolitan area. In addition to the outdoor common space nestled in lush woods, the $96 million development will offer residents unique access to Shingle Creek and a neighboring park.

“Heron Ridge will provide homes that allow seniors to stay in their communities,” said Vice President & Project Partner Devon Quist. “This new development allows us to create additional affordable senior housing which is a critical need in this community and the state of Florida.”

The project was financed using a Freddie Mac TEL serviced by Grandbridge, tax-exempt and taxable construction loans originated and serviced by Truist Bank, an equity bridge loan serviced by Bremer Bank, and an equity investment in the 4% low-income housing tax credits from Truist Bank. In addition, Dominium received support from the Florida Housing Finance Corporation (FHFC) in obtaining 4% Low Income Housing Tax Credits, and from the Osceola County Housing Finance Authority in allocating tax-exempt bonds.

Development partners include City of Kissimmee, WD Construction, Bessolo Design Group, Kimley Horn, Nelson Mullins, Winthrop & Weinstine 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 this important project in the future.