By GlobeSt.com – April 6, 2023
Pinnacle has secured $72.3 million in financing for the development of Pinnacle at Tropical Pointe, an affordable housing project in Miami-Dade County’s Princeton neighborhood, GlobeSt reports. The development will include 215 units, with one- to four-bedroom apartments spread across six garden-style buildings. The project is designed to accommodate households with incomes up to 60% of the area’s median income. The financing was sourced from a mix of low-income housing tax credits, local subsidies, and bank loans. Bank of America provided $37 million in construction loans and $30.6 million in tax credit equity, while Citibank provided a $20 million permanent loan. Miami-Dade County has also granted the project a $1 million Development Inflation Adjustment Fund allocation to help mitigate rising construction costs.
