By The Real Deal – April 17, 2023
Pinnacle has obtained $88.6 million in financing to construct an affordable housing complex in the Princeton neighborhood of Miami-Dade County, The Real Deal reports. Pinnacle at Tropical Pointe project will consist of 215 garden-style apartments in six buildings, with units ranging from one to four bedrooms. The apartments are reserved for households earning no more than 60% of the area’s median income, and the project is scheduled to be completed in late 2024. The financing package includes a $37 million construction loan from Bank of America along with $30.6 million in tax-credit equity, a $20 million permanent loan from Citibank, and $1 million from Miami-Dade County. Pinnacle purchased the development site for $6.9 million in 2021.
