Business report

New Affordable Senior Housing Community Coming to Colombia > Columbia Business Report

A national affordable housing developer has closed a land sale to build a new affordable housing community for seniors in Colombia.

Haven at Congaree Point, located at 2401 Atlas Road, will have 198 homes for seniors 55 and older, according to a press release from Dominica.

The community will be the Minnesota-based property management company’s first in South Carolina and is part of its effort to expand into Southeast markets. Construction of Haven at Congaree will begin this month, with an estimated opening date of December 2023.

The project was financed using a Freddie Mac tax-exempt term loan managed by a real estate finance and investment company gray stone, a taxable construction loan from US Bank, cash-backed bonds issued by Colliers Securities, and equity investments in federal and state low-income housing tax credits by US Bank. Dominium has also received support from SC housing and the State Fiscal Responsibility Authority in allocating and determining tax credits and tax-exempt private activity obligations.

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 built by WD Construction LLC, a joint venture between Weis Builders and Dominium Construction & Architecture Services.

Contact Melinda Waldrop at 803-726-7542.