By Commercial Observer – April 14, 2023
Miami-based developer Pinnacle has secured financing to develop an affordable housing, garden-style project in the Miami-Dade County, Commercial Observer reports. The development, Pinnacle at Tropical Pointe, will consist of six buildings with 215 units, a fitness centre, a swimming pool and co-working spaces. All the apartments will be available to those earning up to 60% of the area’s median income. The development is located in the unincorporated part of the Miami-Dade County, and construction is expected to be completed by 2024. The funding comprises a $37 million construction loan, $30.6 million in tax credit equity, $20 million in a permanent loan and $1 million from the Development Inflation Adjustment Fund of Miami-Dade County. “By tapping into a variety of funding sources and working closely with local governments and financial institutions, together we can bring affordable housing to hundreds of cost-burdened members of our community despite the soaring costs of construction,” David O. Deutch, partner at Pinnacle, said in a statement.
