PEMBROKE PINES, Fla. — Miami Jewish Health (MJH) AND McDowell Housing Partners have broken ground on Douglas Gardens Residences, an affordable seniors housing community in Pembroke Pines, approximately 20 miles north of Miami.
Development costs are estimated at $137 million for the 410-unit community. According to the developers, this will result in the largest affordable housing development in Broward County.
The project will deliver a mixed-income community, merging healthcare and housing into one development for local seniors, on what is currently the 25-acre Douglas Gardens North Campus. Of the total units, 390 will be reserved for age- and income-qualified residents, while the remaining 20 will be market rate.
Douglas Gardens Residences is scheduled for completion in late 2024.
“Broward County is one of the most cost-burdened counties in the country, with residents spending more than 50 percent of their income on housing,” says Jeffrey Freimark, president and CEO, Miami Jewish Health. “Increasing rents can be particularly detrimental for seniors, who often live on fixed incomes.”
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).
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, 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.