By South Florida Business Journal – April 14, 2023
Pinnacle has secured $72.3 million in financing to develop an affordable housing community in the Princeton neighborhood of Miami, the South Florida Business Journal reports. Pinnacle at Tropical Pointe will consist of 215 affordable apartments spread across six garden-style buildings. These units will cater to residents earning up to 60% of the area median income, and the development is expected to be completed by 2024. Funding for the project was raised through a variety of sources, including low-income housing tax credits, county funds, and tax-exempt bonds. Bank of America provided a $37 million construction loan and $30.6 million in tax credit equity, while Citibank committed to providing a $20 million permanent loan. Pinnacle is serving as the general contractor, and BC Architects designed the development. “Pinnacle at Tropical Pointe highlights the power of public and private sector collaboration in addressing the pressing need for affordable housing in our community,” Pinnacle partner David O. Deutch stated. “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.”
