By Claudiu Tiganescu | Multi-Housing News
Palindrome Properties Group has obtained construction-to-permanent tax-exempt bonds for the development of The Residences at Dorsey Station, a 162-unit affordable housing project in Tempe, Ariz. Boston Capital financed the endeavour.
The community will be part of the larger Dorsey Station master-planned redevelopment, which is set to include 400 units, of which 90 percent will be income-restricted for residents earning between 30 and 80 percent of the area median income. Palindrome teamed up with Urban Development Partners for the project.
Set to feature studio, one- and two-bedroom layouts, The Residences at Dorsey Station is one of the five buildings that will rise as part of the master plan. Palindrome and Urban are already envisioning the next structure, a 72-unit project dubbed Encore on Dorsey Station, subject to a $2.5 million 9 percent LIHTC application submitted by the duo.
