Developer Dominium has secured $51.7 million of construction and permanent financing for Solstice of Mesa. KeyBank provided a $51.7 million construction to $32.7 million permanent loan using its Private Placement Program.
The 237-unit property, which is expected to be completed by the summer of 2021, will offer one-, two- and three‐bedroom units in a single, three‐story building. The apartment complex will be restricted to those who are 55 years old and older and 60% of area median income low-income housing tax credit (LIHTC) rent levels.
Alliant Capital purchased the 4% LIHTC and solar credits, generating $22.6 million of equity that will pay down the construction loan at conversion. The three-year construction loan will be used to purchase tax-exempt multifamily revenue bonds issued by the Arizona Industrial Development Authority.
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Kelsi Maree Borland
