Construction recently began on a Rio Rancho affordable housing development. Sandoval Flats is anticipated to comprise 216 units, and the project costs are estimated to be nearly $100 million. Dominium, the developer, picked Pavillion Construction as the general contractor for the New Mexico project. Plans for Sandoval Flats include a clubhouse, fitness center, playground and pool with outdoor amenity space. Rents will be at or below 60% of the area median income.
Financing includes a tax-exempt construction loan from Barclays, a taxable bridge loan from Greystone Housing Impact Investors LP, a Forward TEL commitment from Freddie Mac serviced by Greystone, tax-exempt subordinate bonds from Colliers, and an equity investment in 4% federal low-income housing tax credits by WNC…