McDowell Completes 1st Phase of Affordable Senior Housing Project
The $40 million development in North Port, Fla., comprises 136 units.
McDowell Housing Partners has completed Phase I of Ekos at Arbor Park, a 136-unit affordable senior housing community in North Port, Fla.
The financing for the $40 million project includes 4 percent LIHTCs purchased by Wells Fargo, a Freddie Mac permanent senior debt and subordinate loans from Florida Housing Finance Corp. Wells Fargo also provided a $21.5 million construction loan, according to Yardi Matrix data.
MHP-Hennessy Construction—a joint venture between MHP Builders and Hennesy Construction Services—served as the general contractor, while Forum Architecture and Interior Design served as the main architect.
The fully affordable and age-restricted community provides housing for residents over the age of 55, earning between 20 and 70 percent of the area median income. The property offers services such as financial planning courses, health and nutrition courses and on-site screening services.
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Ekos at Arbor Park encompasses 76 one-bedroom and 60 two-bedroom units ranging between 700 and 946Â square feet. Common-are amenities include a swimming pool, a fitness center, a clubhouse, a community room, a media center, tennis and pickeball courts, elevators and outdoor grills. The units feature washers and dryers and walk-in closets.
Located at 1320 Citizens Parkway, the property is part of Sarasota County. Sarasota Memorial North Port ER & Care Center and The Shoppes at Price Crossing are within walking distance.
More to be developed
Upon completion, the master planned community will comprise three buildings and 7,779 square feet of commercial space spread on some 4 acres, Sarasota Herald-Tribune reported. The second phase of the development will feature 66 affordable apartments.
Earlier this year, McDowell also finished the construction of the first phase of Southpointe Vista, a $122 million, 332-unit affordable development in Goulds, Fla. Wells Fargo issued a $31 million construction note for the development of the company’s first Miami-Dade County project.
