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McDowell Housing Partners has lined up $56 million of construction financing for the second phase of its Southpointe Vista affordable-housing property in Miami. Financing for the latest phase includes $42 million in mortgage revenue bonds through the Housing Finance Agency of Miami-Dade County and Newpoint Real Estate Capital.
Meanwhile, First Horizon Bank provided $29.6 million in tax credit equity for the project.
McDowell, of Miami, is developing the latest phase on 3.46 acres at the northeast corner of SW 214th Street and SW 117th Court in the city's Goulds neighborhood. It will stand 12 stories and have 208 units. Its completion is expected in third quarter of next year.
Phase one of Southpointe Vista sits on the same acreage, stands 10 stories and has 124 units that are set aside for tenants earning 30%, 60%, or 70% of area's median income. It is nearly fully leased.
The company has invested $112 million in both phases.
