Published Date: 02/21/2023
Developers scored $91 million in construction financing for an affordable housing project for renters 62 and older in Pembroke Pines.
McDowell Housing Partners and Miami Jewish Health Systems are building the 410-unit Douglas Gardens Health and Senior Living at 705 Southwest 88th Avenue, according to a news release. It will include a 15,500-square-foot Program of All-Inclusive Care for the Elderly (PACE) center, which offers Medicare and Medicaid-covered health care services.
The developers obtained a $77 million loan from tax-exempt bonds and $14 million in gap funding from Broward County, records show. The Housing Finance Authority of Broward County issued the tax-exempt bonds, which Citi Community Capital purchased and then lent to the developers, said McDowell’s COO Chris Shear. The financing tops off the capital stack, which includes low-income housing tax credits from the Florida Housing Finance Corporation.
McDowell and Miami Jewish Health are developing a pair of six-story buildings, with 390 units for renters who earn no more than 60 percent of the area median income, Shear said. Of the remaining 20 units, half will be for renters who earn no more than 100 percent of the AMI, and half will be market-rate priced apartments. Broward’s AMI is $82,100 annually, according to Florida Housing.
Construction is expected to be completed in 2025.