Construction will soon begin on 67 Flats in Glendale, Arizona. Completion of the development and the adjacent Juniper Square is expected within 24 months, followed by 12 months of leasing.
Construction will soon begin on 67 Flats in Glendale, Arizona. Completion of the development and the adjacent Juniper Square is expected within 24 months, followed by 12 months of leasing.


The construction of adjacent multifamily housing developments in Glendale, Arizona, took a step forward with the closing of key financing.

The Washington, D.C., office of Merchants Capital announced that it has secured more than $86.2 million in Freddie Mac 4% low-income housing tax credit tax-exempt loan forwards for the construction of Juniper Square, a senior living community, and 67 Flats, a family housing development.

The Freddie Mac permanent financing comprises $29.8 million for Juniper Square and $56.3 million for 67 Flats. The projects are also supported by $89 million in equity bridge loans from Merchants Bank and $179 million in construction loans from Barclays Capital.

The properties, which are being developed by Dominium, will maintain affordability through 2053, with 100% of the units at 60% or less of the area median income.

“We are humbled to be the trusted Freddie Mac Targeted Affordable Housing lender responsible for executing a complex structure with Barclays and U.S. Bank, effectively and efficiently, and recognize the innovative leadership demonstrated by Dominium’s development team,” said Dwayne George, executive vice president of agency production at Merchants Capital, in a statement. “We look forward to witnessing Dominium’s transformative vision for affordable senior and family housing unfold in the Glendale community.”

Juniper Square will feature 221 units serving residents 55 and older. The property will have two four-story residential buildings. Common area amenities include on-site management, elevators, a swimming pool, a clubhouse, a sports court, central laundry, a fitness center, a media/theater room, a library, a hairdresser, and a pub/game room in addition to recreation and picnic areas.

67 Flats will feature 384 units in four three-story residential buildings and four single-story non-residential buildings, including a leasing office, a clubhouse and a fitness center. Common area amenities include on-site management, a swimming pool, a sports court, central laundry, recreational and picnic areas, a playground, a game room, and indoor kids’ playroom for families and children.

“Dominium is excited to start construction on 600 units of much-needed affordable housing in the Phoenix community,” said T.J. McElroy, senior vice president of capital markets at Dominium.