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Board clears $90.6M bond package for Dominium’s 402‑unit Skyline Flats in Reno
Summary
The State Board of Finance unanimously approved findings to issue up to $90.6 million in bonds to finance Skyline Flats, a 402‑unit family affordable housing development in Reno led by Dominium, with all units restricted at 60% AMI.
The State Board of Finance unanimously approved Nevada Housing Division findings to support up to $90.6 million in multi‑unit housing revenue bonds for Skyline Flats, a 402‑unit family apartment development in Reno to be led by Dominium Development.
Administrator Stephen Aichroth told the board the project will place all 402 units at 60% of area median income (AMI) and sit on about 58 acres; the housing will also use state tax credits and seek energy efficiency incentives through the Nevada Clean Energy Fund. Christine Hess described the financing plan as a direct placement with Jones Lang LaSalle (JLL) during construction, conversion to JLL/Freddie Mac TEL placement for permanent financing, and noted $3 million in state tax credits and roughly $7 million in subordinate debt provided by market lenders. Mark Lambing of Dominium characterized the $7 million as a subordinate cash‑flow note from patient, high‑net‑worth lenders and noted Dominium has recently surpassed 40,000 units nationally; he confirmed this is Dominium’s first Nevada project.
Member David Navarro moved approval and the board voted unanimously. NHD will continue with placement arrangements and coordinate financing steps with JLL and other capital providers.
