Dominium Announces the Land Closing for Orville Commons in Woodbury, Minnesota

The property expands the affordable housing developer’s portfolio in the Dallas-Fort Worth area

Dominium, a leading affordable housing owner, developer and manager, announced today the closing of the land sale for Orville Commons. The 12-acre development, located off Hargis Parkway and Radio Drive in Woodbury, Minnesota, is named in honor of the first mayor of Woodbury, Orville Bielenberg. The $80,000,000 project will provide the city with 235 high quality affordable homes at 40-60% of Area Median Income, in addition to 24 three and four-bedroom townhomes.

The project was financed using a Freddie Mac TEL serviced by JLL, tax-exempt and taxable construction loans from Deutsche Bank, a bridge loan from Minnwest Bank, and an equity investment in the 4% low-income housing tax credits from US Bank. In addition, Dominium received support from the Washington County Community Development Agency in obtaining 4% Low Income Housing Tax Credits, and from the Housing and Redevelopment Authority in and for the City of Woodbury in allocating tax-exempt bonds. Dominium would like to thank both the City of Woodbury and Washington County CDA for their unwavering support for this project since 2019, including their recent issuance of HOME funds and a waiver to provide additional tax credits to the project.

Development partners include the City of Woodbury, Eagle Building, BKV Group, Loucks, Braun Intertec, Plummer Associates, Winthrop & Weinstine, Colliers, and Commercial Partner 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.