Dominium’s Creative Growth: Developer Steps In As Lender on Struggling Deals
By Caitlin Jones
1 min read
Tax Credit Advisor, March 2011: Normally a developer gets to own a low-income housing tax credit project – or at least a small piece of one – by securing the financing and building the property.
But for Dominium Development & Acquisition LLC, a major Midwest-based apartment developer/owner/manager, the route to ownership for three 9% LIHTC properties in Indiana has been forged by stepping into the shoes of the permanent mortgage lender.
The three projects – of 180, 125, and 228 units, built 10 years ago, and each having finished its 10-year tax credit period – had the same general partner, limited partner investor, and tax credit syndicator, and were struggling financially by 2010.
