Pinnacle lands $50M construction loan for 120-unit apartment building near Cutler Bay, as affordable housing financing keeps flowing
Pinnacle secured $50 million in financing for Old Cutler Village Phase 2, a workforce housing expansion project near Cutler Bay, Florida. The new five-story building will add 120 units to the existing Old Cutler Village Apartments complex. Located at 10455 Old Cutler Road in unincorporated Miami-Dade County, the site spans 22 acres and is just […]
Pinnacle Raises $50M to Build Workforce Housing Development
Pinnacle secured $50 million in financing for Old Cutler Village Phase 2, a workforce housing expansion project near Cutler Bay, Florida. The new five-story building will add 120 units to the existing Old Cutler Village Apartments complex. Located at 10455 Old Cutler Road in unincorporated Miami-Dade County, the site spans 22 acres and is just […]
Miami-Dade affordable housing project nabs $50 million construction loan
The South Florida Business Journal reports that Pinnacle has secured a $50 million construction loan for our five-story, 120-unit Old Cutler Village Phase 2, an affordable housing development in Miami-Dade County. Old Cutler Village Phase 2 will offer one- to three-bedroom apartments for households earning 30 percent, 60 percent, and 70 percent of the area […]
Live Local changes could propel workforce housing boom in South Florida
The Real Deal reports on the Live Local Act and housing in South Florida, highlighting the substantial response Pinnacle received to the lottery for its Pinnacle 441 development, which received over 20,000 applications for just 113 units. This staggering number of applicants underscores the critical shortage of affordable housing options in the region. Pinnacle is […]
They held a housing lottery. Then 21,000 raced to enter, showing ‘very scary’ demand for homes.
The Sun Sentinel reports how Pinnacle was overwhelmed with demand when offering for 113 affordable rental apartments in Hollywood, with rents from $1,100 to $1,500 per month based on income limits. A staggering 21,000 people applied for the units during a 10-day registration period, highlighting the severe affordable housing crisis in the region. To fairly […]
Groundbreaking Event Marks Milestone For ‘Pinnacle At La Cabaña’, An Affordable Senior Housing Development At 8911 Miramar Parkway In Miramar
Florida YIMBY reports that Pinnacle is commencing construction on Pinnacle at La Cabaña, a $41.2 million affordable rental development in Miramar providing 110 units for seniors. Funded through public-private partnerships, it will offer one- and two-bedroom apartments, with 11 units for very low-income seniors and the rest for those earning 60% of area median income. […]
Nearly 20,000 people register to live at 113-unit Hollywood affordable housing complex
Miami Herald reports that Pinnacle 441, a $93 million affordable housing development in Hollywood, received nearly 20,000 applications in just one week for its lottery to fill 113 units in the first phase. This astounding response underscores the critical shortage of affordable housing in South Florida. “We’re at a crisis level, perhaps the likes of […]
Bisnow’s ‘Broward County State of the Market’
Bisnow reports that at their ‘Broward County State of the Market’ event Pinnacle partner Tim Wheat cited their Pinnacle 441 project in Hollywood as a success, with the first phase of 113 apartments priced 60% below market rate nearing completion and garnering over 18,000 inquiries through a lottery leasing system. The $48 million second phase […]
What’s being built there? Apartments may be rented at $1,100 and $1,400 a month to seniors in Miramar
The Sun Sentinel features Pinnacle at La Cabaña in its ‘What’s being built there?’ series. According to Pinnacle partner Tim Wheat, the complex will offer one- and two-bedroom apartments for residents aged 62 and older. Amenities will include meeting spaces, a fitness center, computer room, dog walk, putting green, and cornhole court. Construction is underway, […]
Hollywood affordable housing project opens lottery as Broward tries to make living more cost-effective
CBS News reports that Pinnacle 441 in Hollywood is facing overwhelming demand with 18,000 inquiries for just 113 available affordable units in its first phase, so Pinnacle has opened a lottery system for leasing. Following the registration window, applicants will be randomly selected for a chance to apply for a lease, highlighting the severe shortage […]
