Dominium has Virtual Groundbreaking for Stonepointe

Dominium, a leading affordable housing owner, developer and manager, and its partner, Beverly J. Searles Foundation, announced today that they will be celebrating the groundbreaking of three new senior living communities in Georgia. These new construction properties will provide 718 units of much-needed affordable senior housing for the age 55+ community. Videos of the groundbreakings are available below.

All three projects are set to be completed between June and December 2021 and will create high-quality homes for residents at 30% to 80% of the Area Medium Income. Within the four-story apartment buildings there will be 374 one-bedroom, 296 two-bedroom and 48 three-bedroom units. The apartment homes and common areas are designed with seniors in mind, featuring amenities that are specifically tailored for this demographic including a community room, fitness center, beauty salon, patio with a gazebo and more.

“Creating affordable housing that allows seniors to stay in their communities is our goal when developing these properties,” said Dominium Vice President and Project Partner Mark Sween. “Our new construction developments are important because they create new affordable housing that didn’t previously exist in the community. We are excited to be expanding our presence in Georgia with these new properties.”

Stonepointe closed on the financing in December 2019, including a Freddie Mac Forward TEL serviced by Jones Lange LaSalle, a tax-exempt construction loan and taxable equity bridge loan originated by Fifth Third Bank, an equity investment from Stratford Capital Group in the 4% federal Low Income Housing Tax Credits, and an equity investment from Twain Financial in the Georgia state Low Income Housing Tax Credits. This development would not have been made possible without the Housing Authority of the City of Stonecrest as the conduit issuer of the tax-exempt debt and the Georgia Department of Community Affairs for their issuance of the federal and state Low Income Housing Tax Credits.