McDowell Housing Partners has secured construction financing and commenced work on Ekos at Bayonet Point II, the second phase of a planned three-phase community in Pasco County. The master-planned development is designed to deliver a total of 360 affordable homes, with this phase representing a $38,900,000 investment focused on age-restricted housing. Ekos at Bayonet Point II will bring 120 affordable apartments for older residents to 7526 McDowell Way in Hudson, located one block from HCA Florida Bayonet Point Hospital.
The new phase will operate under income and rent restrictions structured across three tiers of Area Median Income, targeting affordability for a range of qualifying households. The capital stack for Ekos at Bayonet Point II combines multiple public and private funding sources. Florida Housing Finance Corporation issued tax-exempt bonds and awarded 4% housing tax credits that are being used to help finance the project, supported by subordinate funding provided through FHFC’s SAIL, ELI and HOME-ARP programs.
Equity for the development is being supplied through Wells Fargo Community Lending & Investment, which is purchasing the housing tax credits. In addition to its equity role, Wells Fargo Community Lending & Investment placed the senior construction financing for the project, aligning with the overall affordable housing capital structure. On a long-term basis, permanent financing is expected to be supplied by Freddie Mac and serviced by Wells Fargo Multifamily Capital, positioning the property to transition from construction to stabilized operations upon completion.
The age-restricted community is planned with a range of on-site amenities for residents. The program includes a standalone clubhouse featuring a pool and covered patio, providing social and recreational space within the property. Additional amenities will consist of a fitness center, a computer lab, and areas designed for games and crafts, along with a dog park to serve residents with pets. These features are intended to support both the lifestyle and practical needs of the community’s older, income-restricted households.
Ekos at Bayonet Point II builds on the initial phase of the broader Ekos at Bayonet Point master plan, expanding the supply of affordable units within the same location. With its proximity to HCA Florida Bayonet Point Hospital and its focus on age-restricted apartments, the project is positioned to serve residents who may value convenient access to nearby medical services. Construction on this second phase is expected to continue over the next several years, with completion targeted for spring 2028.
