Dominium secures $44 million construction loan from U.S. Bank

By Lisa Kerner

Charlotte, N.C., Aug. 11 – Dominium received a $44 million construction loan from U.S. Bank Community Lending Division, according to a company news release.

The loan bridges the equity provided by U.S. Bank.

U.S. Bank invested a total of $77 million raised through its investments in federal New Markets Tax Credits, federal and state historic tax credits and a separate investment arranged from federal low-income housing tax credits.

BMO Harris Bank provided bridge and permanent construction financing, Cornerstone Permanent Mortgage Fund (Boston Capital Finance) provided a permanent loan, and the City of St. Louis provided a $4.8 million loan, the release stated.

Proceeds will be used to develop the Arcade Building into a mixed-use space for university classes and 282 market-rate and affordable-housing apartments in the Minneapolis/St. Paul area.

Dominium is a Minneapolis-based owner, developer and manager of apartment communities.

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