Dominium Celebrates Successful Closing of Crossroad Commons

The leading Minneapolis developer announces new Austin, Texas development

Leading apartment owner, developer and manager, Dominium, located in Minneapolis, announced that it is expanding its portfolio within the Texas market with the successful closing of Crossroad Commons located on the growing east side of Austin, Texas.

This will be Dominium’s third new construction project in the state of Texas and first in the state’s capitol. Crossroad Commons, which will be found at 8407 East Parmer Lane, will provide 216 units of affordable family housing. The development will be completed in the fall of 2021, with a total development cost of nearly $64 million.

Crossroad Commons stretches across 32 acres—approximately 10 of which will be developed. The remaining acres will be reserved and protected for the enjoyment of its residents through natural amenities including walking trails, as well as the protection of the surrounding watershed.

“Dominium is excited to be adding this new development to its array of Austin-area properties. Crossroad Commons will be providing much-needed safe, stable, and high-quality affordable housing,” said Dominium Vice President and Project Partner Jeff Spicer.

This new project would not have been possible without the support of development and financing partners, especially Austin Affordable Housing Corporation (AAHC), the real estate arm of the Housing Authority of the City of Austin. Crossroad Commons was financed with a construction loan from Citibank, an equity bridge loan from Great Southern Bank, a Freddie Mac Forward TEL serviced by Citibank, and an equity investment in the 4% Federal Low-Income Housing Tax Credits from Alliant Capital. The development partners include the City of Austin, Travis County, Dominium Construction & Architectural Services, Weis Builders, Smith Gee Studio, Kimley Horn, Winthrop & Weinstine, and Commercial Partners Title.