The $137 million development will provide accessible housing and on-site medical and social services to local, senior residents
April 11, 2023– Miami Jewish Health (MJH), a nonprofit provider of healthcare and living options for aging adults, and leading real estate investment and development firm McDowell Housing Partners (McDowell) closed a $137 million deal for the upcoming Douglas Gardens Residences, Broward County’s newest senior health and living community, creating the largest affordable living development for seniors in the county.
The project will deliver an updated mixed-income community, successfully merging health care and housing into one development for local seniors, on what is currently the MJH 25-acre Douglas Gardens North Campus. Douglas Gardens Residences, which is expecting completion in late 2024, will provide 410 fully ADA-accessible studio, one-bedroom, and two-bedroom units offered at moderate and market-rate prices for residents 62 years of age and older. Three hundred ninety units will be reserved for age and income-qualifying residents, and 20 units will be available at market-rate rental levels.
“Broward County is one of the most cost-burdened counties in the country, with residents spending more than 50% of their income on housing,” said Jeffrey Freimark, president and CEO, Miami Jewish Health. “Increasing rents can be particularly detrimental for seniors, who often live on fixed incomes. Douglas Gardens Residences provides a solution, offering a high-quality housing option at affordable rent levels while integrating comprehensive healthcare services readily available to Broward residents.”
MJH and McDowell have also planned a 15,500-square-foot medical facility that will offer an adult day health center under MJH’s Program of All-Inclusive Care for the Elderly (PACE). PACE provides comprehensive medical and social services to Medicare/Medicaid eligible elderly of Broward County living on the current Douglas Gardens North campus or in the program’s designated service area.
“Douglas Gardens is a great example of what strategic partnerships can deliver in the world of healthcare and affordable housing,” said Chris Shear, chief operating officer and project partner of McDowell. “The benefits of merging healthcare and housing is often talked about, but it remains a very elusive initiative for developers.”
The development goes above and beyond to offer ample lifestyle amenities for residents, including an amenity pond with walking paths, multiple indoor and outdoor gathering areas, a large fitness center, a business center with computer stations, craft and game rooms, a pet grooming station, and a library.
In addition to McDowell and MJH, the project team includes general contractor ANF Group; engineer and landscape designer Keith & Associates; REPRTWAR Architecture and Design; interior designer Jewel Toned Interiors; and law firm Nelson Mullins.
The Douglas Gardens Residences financial deal includes $77 million in tax-exempt bonds issued by Broward County Housing Finance Authority (HFA) lent by Citi Community Capital Bank, $50 million syndicated through affordable housing investment company CREA, LLC, a $14 million subordinate loan from Broward County’s Housing Trust Fund, $12 million in seller take-back financing from MJH, and $12 million in developer equity contributions.
About Miami Jewish Health
Miami Jewish Health (MJH) is one of the largest healthcare, residential, and community health care service providers in the southeast dedicated to aging adults. MJH’s visionary approach to healthy aging is grounded in the EmpathiCare℠ philosophy and devotion of more than 1,000 team members. Serving clients and residents for more than 80 years, MJH offers a continuum of care that helps them live life better. The Douglas Gardens North campus is home to three HUD Section 202 buildings with 410 units and one LIHTC project of 110 units. The 20+-acre main campus located in Miami, provides services that include short-term skilled nursing and rehabilitation, a state-of-the-art dialysis center in partnership with DaVita, a 32-bed non-surgical hospital, an outpatient health clinic, an inpatient hospice unit in partnership with AccentCare, home health, and independent, assisted, and long-term care residential options.
MJH specialty services include a memory and research institute specializing in the treatment and support of those living with Alzheimer’s disease and other neurocognitive disorders. MJH also has the largest Program of All-Inclusive Care for the Elderly (PACE) in Florida, with locations throughout Miami-Dade and Broward Counties.
About McDowell Housing Partners
McDowell Housing Partners (MHP) is a preeminent affordable/workforce housing development company based in Miami, FL. MHP was established in 2019 as an affiliate of McDowell Properties, a national multifamily investor and operator of apartment communities. Collectively, the companies have developed or acquired over 45,000 apartment communities. MHP’s mission is to provide high-quality housing options for families and seniors, regardless of socioeconomic status. In 2021, the firm had already risen to the rank of 27th in the AHF Top 50 Affordable Housing Developers in the nation based on unit production.
MHP’s principals and senior management team maintain decades of experience in multifamily development and operations. The company utilizes a vertically integrated structure with dedicated acquisitions, development, construction, finance, capital transactions (closing), accounting and asset management teams. The company endeavors to create long-term value through our core competencies which include LIHTC development; acquisition and value-add rehab; strategic partnerships with local governments and non-profits; efficient navigation of capital markets; creative financial structuring; skillful design and construction management; and diligent asset management.