W. Patrick McDowell Secures $41.9 Million Loan For Ekos At Warrington In Pensacola

The asset involved in this transaction is a development site located at 280 Dogwood Drive in Pensacola. This site will host Ekos at Warrington, which is planned to be a 120-unit affordable housing community. Funded through Florida’s Live Local Act, tax-exempt bonds, and 4% LIHTCs, the project aims to support workforce and military housing in proximity to Naval Air Station Pensacola, with a focus on providing energy-efficient and amenity-rich residences. The expected delivery date for the project is Q3 2027.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $41,900,000
• Lender: R4 Capital
• Landlord: W. Patrick McDowell - McDowell Housing Partners

This transaction showcases the efforts of W. Patrick McDowell from McDowell Housing Partners in securing financing for the construction of the affordable housing project. The collaboration with CREA and R4 Capital is significant, as it leverages various funding sources aimed at enhancing the living standards of military personnel and local workforce residents.