UPDATED, Oct. 8, 12:40 p.m.: Pinnacle secured $30.8 million of financing to build an affordable housing development for seniors in south Miami-Dade County.
Citibank provided $22.1 million through the purchase of 9 percent tax credits and also lent Pinnacle $4.3 million for the 112-unit rental project, Cannery Row at Redlands Crossing. Miami-Dade County also contributed a $3.5 million surtax loan, according to a release.
Pinnacle will be developing the apartments at 14380 Southwest 261st Street in partnership with Rural Neighborhoods, a non-profit organization that provides shelter for working families, especially migrant and farmworkers, according to its website.
Miami-based Pinnacle and Rural Neighborhoods supplied the final $900,000 to bring the financing total to $30.8 million.
The development entity, Cannery Row at Redlands Crossing, LLLP, paid $2.75 million for the land in August 2019, according to a spokesperson.
PCDS Construction, a joint venture between Pinnacle and D. Stephenson Construction has already broken ground on the seven-story project, according to the release. Cannery Row at Redlands Crossing is expected to be completed before year-end 2021.
The spokesperson said 12 units will be available for individuals earning 28 percent of the area’s median income; one unit will be for those earning 33 percent, and 99 units will be for those earning 60 percent.
In July 2019, Pinnacle sold Abbey Park, an affordable housing complex in West Palm Beach, to Fairfield Residential for $19.7 million.
In recent weeks, South Florida has seen a number of affordable housing deals. Cornerstone Group sold a 246-unit Lauderdale Lakes apartment complex for $16.9 million, Malibu Bay Preservation Limited bought a 264-unit affordable housing community in West Palm Beach for $38 million, and a joint venture received a $19 million construction loan for an affordable housing development in Opa-locka.
Correction: An earlier version of this story named the wrong street number.