McDowell Partners Delivers 410-Unit Miami-Area Seniors Housing Venture
McDowell Housing Partners and Miami Jewish Health completed Douglas Gardens Senior Health and Living, a 410-unit mixed-income, mixed-use residential community in Pembroke Pines that stands as the largest affordable senior housing development in Broward County and the second largest in the state of Florida. The $139 million development combines residential units with on-site healthcare services.
The project is designed to serve seniors primarily at 30% and 60% of the Area Median Income (AMI).
The Broward County Housing Finance Authority served as tax-exempt bond issuer; Citi Community Capital provided construction and permanent financing; CREA, LLC invested as the Low-Income Housing Tax Credit (LIHTC) equity partner; and Broward County Housing Trust Fund contributed subordinate financing.
Amenities include a pond with walking paths, fitness center, theatre room, business center, multiple indoor and outdoor gathering spaces.
Florida PACE Centers, a subsidiary of MJH, will deliver comprehensive medical and social services to Medicare/Medicaid-eligible seniors, enabling them to receive hospital-grade care without leaving their communities.
Other News
Berkadia Negotiates Student Housing Property Sale in Kansas
Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
Learn more
Roxborough Makes Second NorCal Apartment Buy Through Latest Fund
The Roxborough Group, LLC has acquired Bidwell Park, a 246-unit apartment community in Fremont, for $109.4 million. The 95% occupied property at 39800 Fremont Blvd. represents Roxborough’s second multifamily acquisition in Northern California within Roxborough Fund III, L.P., a $518-million discretionary fund focused on opportunistic and value-add investments. “The acquisition of Bidwell Park aligns with...
Learn more
National Inflation Averages Hide Local CRE Opportunities, Marcus & Millichap Says
Higher-than-expected September inflation has been driving the CRE narrative of increased cost of capital, along with rising operating and construction expenses. The consumer price index rose 3.7% year-over-year in September, according to the U.S. Bureau of Labor Statistics, while the producer price index for final demand climbed 6.3% A recent Marcus & Millichap video said...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout