Dominium, a leading national affordable housing owner, developer and manager, announced today the closing of the land sale to construct Haven at Congaree Pointe, a new affordable senior housing development located at 2401 Atlas Road in Columbia, South Carolina. The community will consist of 198 high-quality homes for seniors aged 55 and over.
Haven at Congaree Pointe will be Dominium’s first new construction project in the state of South Carolina, following the developer’s commitment to expanding their new construction footprint into additional regional markets in the Southeast. Construction of the development will begin in April 2022, with an estimated grand opening date of December 2023.
The project was financed using a Freddie Mac forward tax-exempt loan serviced by Greystone, a taxable construction loan from U.S. Bank, cash collateralized bonds originated by Colliers Securities, and equity investments in the federal and state low-income housing tax credits by U.S. Bank. In addition, Dominium received support from SC Housing and the State Fiscal Accountability Authority in the allocation and determination of tax credits and tax-exempt private activity bonds.
Development partners include the City of Columbia, Midland Community Development Corporation, Winthrop & Weinstine, Commercial Partners Title, Kimley Horn, Colliers Securities, Parker Poe and Martin Riley Associates. The development will be constructed by WD Construction LLC, a joint venture between Weis Builders and Dominium Construction & Architecture Services.
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.