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McDowell Housing starts Ekos at Bayonet Point II with 120 age-restricted units
The $38.9 million project is slated for completion in spring 2028, with rents and incomes restricted to three AMI tiers.
McDowell Housing Partners has begun construction on Ekos at Bayonet Point II, the second phase of a three-phase master-planned community intended to deliver 360 affordable homes to Pasco County, Florida, according to ConnectCRE.
The $38.9 million development will add 120 age-restricted apartments at 7526 McDowell Way in Hudson, located one block from HCA Florida Bayonet Point Hospital, and affordability will be set across three Area Median Income, or AMI, tiers.
ConnectCRE reports the project financing includes tax-exempt bonds issued by the Florida Housing Finance Corporation, 4% housing tax credits, and subordinate financing awarded by FHFC through its SAIL, ELI and HOME-ARP programs.
Wells Fargo Community Lending & Investment provided equity tied to the housing tax credits and arranged senior construction financing, with permanent financing expected from Freddie Mac and servicing by Wells Fargo Multifamily Capital, while completion is targeted for spring 2028.