By South Florida Business Journal – June 13, 2024
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 median income. We’re grateful to our partners—Bank of America, Miami-Dade County, and Berkadia/Freddie Mac—for their crucial role in financing this development and their significant contributions toward providing much-needed affordable housing.
“Old Cutler Village Phase 2 comes at a critical time when the need for quality affordable housing in South Florida has reached an all-time high, with our workforce being priced out of the very communities they serve,” said Pinnacle Partner David Deutch.
