W. Patrick McDowell Of McDowell Housing Partners Secures $44.5M Construction Loan For Development Site In Pembroke Park

The asset involved in this transaction is a development site located at 5595 Southwest 41st Street, Pembroke Park, spanning approximately 1.8 acres. The loan secured amounts to $44,500,000, which is designated for construction purposes.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $44,500,000
• Loan Type: Construction
• Lender: Housing Finance Authority of Broward County & Florida Housing Finance Corporation
• Landlord: W. Patrick McDowell - McDowell Housing Partners

The transaction was specifically arranged for the Ekos Pembroke Park, a planned 10-story, 150-unit affordable senior housing project. The financing was structured with $34.15 million in bonds issued by the Housing Finance Authority of Broward County and a $10 million loan from Florida Housing Finance Corporation through the State Apartment Incentive Loan program.