The Residences at Dorsey Station, a 162-unit affordable apartment project in Tempe, just cleared a major money hurdle that shifts the plan from PowerPoint to actual construction prep. Sitting on roughly 7.5 acres at Dorsey Lane and Apache Boulevard, the building is expected to be the first of five in a roughly 400-unit master plan. Developers say the latest deal should unlock demolition and early site work this summer, inching long-promised affordable homes closer to the light-rail corridor and Arizona State University.
According to Boston Capital, it has closed construction-to-permanent, tax-exempt bond financing for The Residences at Dorsey Station. In a July 1 announcement, the lender described the community as a 162-unit affordable multifamily development with studio, one-, and two-bedroom layouts near the Tempe light-rail station. The release quoted Palindrome leadership saying that, along with its partners, the team is excited to bring a high quality affordable multifamily housing project to the City of Tempe…