A national affordable housing developer has closed on a land sale to construct a new affordable senior housing community in Columbia.
Haven at Congaree Point, located at 2401 Atlas Road, will have 198 homes for seniors ages 55 and over, according to a news release from Dominium.
The community will be the Minnesota-based property management company’s first in South Carolina and is part of its push to expand into Southeastern markets. Construction on Haven at Congaree will begin this month, with an estimated opening date of December 2023.
The project was financed using a Freddie Mac forward tax-exempt loan serviced by real estate finance and investment company 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. Dominium also 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 Corp., 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.