Dominium Celebrates Successful Closing of Scharbauer Flats

The leading Minneapolis developer announces its second Midland, Texas development

MINNEAPOLIS — July X, 2020 — Leading affordable housing owner, developer and manager, Dominium, announced that it is expanding its Texas portfolio with the successful closing of Scharbauer Flats located in Midland, Texas.

This will be Dominium’s second development in the growing community of Midland, Texas. The new apartment complex, found at 1915 E Scharbauer Dr., will become the future home of 300 families.

 “Dominium is excited to be adding this new development to our Texas portfolio. The apartment community will extend our commitment of providing quality and affordable housing in communities that need it and continue our growth efforts in the southern U.S.,” said Dominium Vice President and Project Partner Jeff Spicer.

The project would not have been possible without the support of Dominium’s development and financing partners. Scharbauer Flats, an $80 million-dollar project, was financed with a Freddie Mac Forward Tax Exempt Loan serviced by Greystone, a construction and equity bridge loan provided by America First Multifamily Investors (ATAX), and an equity investment in the 4% federal low-income housing tax credits from Aegon. Dominium would also like to thank the Texas Department of Housing and Community Affairs (TDHCA) for its determination of Housing Tax Credits, as well as Texas State Affordable Housing Corporation (TSAHC) for issuing the tax-exempt bonds for the project.

The development partners that will make this new community possible include Texas Housing Foundation, MW Builders, BKV Group, Loucks Engineering, Newton Engineering, Winthrop & Weinstine and Commercial Partners Title. Lastly, many thanks are owed to the City of Midland for their commitment to affordable housing and overall support of this new development.