McDowell Starts Work on Hudson Age-Restricted, Affordable Apartments

McDowell Housing Partners closed on a construction loan and started work on Ekos at Bayonet Point II, the second phase of a three-phase master-planned community that will bring 360 affordable homes to Pasco County. The $38.9 million development will add 120 age-restricted apartments at 7526 McDowell Way in Hudson, one block from HCA Florida Bayonet Point Hospital.

Rents and incomes will be restricted across three tiers of Area Median Income (AMI). The development was financed with tax-exempt bonds issued by Florida Housing Finance Corporation (FHFC), 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 through the purchase of the housing tax credits and placed the senior construction financing. Permanent financing will be provided by Freddie Mac and serviced by Wells Fargo Multifamily Capital.

Amenities include a standalone clubhouse with a pool and covered patio, a fitness center, a computer lab, a game and crafts area, and a dog park. Ekos at Bayonet Point II is expected to be complete in spring 2028.