Dominium to Begin $116M Orlando-Area Project

The affordable senior housing development will bring 383 units to Poinciana, Fla.
Osprey Village. Image courtesy of Dominium

Dominium has acquired the site for its Osprey Village development south of Orlando, Fla. for $4.6 million. The $116 million affordable housing project will include 383 units restricted to residents aged 62 and over.

The pet-friendly community will take shape at 151 N. Osprey Village Road in Poinciana, Fla. Apartments will have wood-plank flooring, in-unit washers and dryers along with central heating and air conditioning. Property amenities will include a beauty salon, fitness center, theater, library and dog park.

The development site is less than 2 miles from the Cypress Parkway retail corridor. Poinciana Medical Center is also within 2 miles of the development. Downtown Orlando is roughly 40 miles north, while downtown Kissimmee is only 14 miles away.

The Osceola County Housing Finance Authority has allocated $60 million in tax-exempt bonds for the development. The financing was later purchased by Freddie Mac and will be serviced by Greystone.

Additional financing includes both tax-exempt and taxable loans provided by America First Multifamily Investors as well as 4 percent Low-Income Housing Tax Credits with AEGON as the equity investor.

In July, the developer secured the land for another of its senior affordable housing projects. Harbor at Twin Lakes in Roseville, Minn., will provide 277 units.