McDowell Snags Financing for Pensacola Mixed-Income Rental Community
McDowell Housing Partners (MHP) closed on financing to build Ekos at Warrington, its first affordable housing community in Pensacola, FL. It’s McDowell Housing Partners’ 17th project to start construction in the state of Florida. The 120-unit project’s estimated costs are $41.9 million.
The community will serve a mix of income levels. The development will provide community services in partnership with a local services coordinator, Opening Doors Northwest Florida.
Ekos at Warrington is financed through a combination of tax-exempt bonds, SAIL/ELI funding from FHFC, and 4% non-competitive Low-Income Housing Tax Credits (LIHTC). CREA serves as the tax credit investor, and R4 Capital is the construction and permanent lender.
The project team for Ekos at Warrington includes Park & Eleazer Construction as the general contractor, Slocum Platts Architects as the architect of record, and Kim Do as co-developer
Ekos at Warrington is expected to be completed in the third quarter of 2027.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout