Pinnacle landed $41 million in construction financing for a senior housing project in Miramar.
Bank of America provided a $27.3 million housing tax credit to build Pinnacle at La Cabaña, a proposed 110-unit apartment complex at 8911 Miramar Parkway, according to a press release.
Pinnacle, a Miami-based affordable housing developer, also obtained a $5.6 million mortgage from Neighborhood Lending Partners; $4.3 million from Florida Housing Finance Corp.; $2.6 million in deferred fees; $656,000 from the city of Miramar; and $750,000 from United Way of Broward County.
The groundbreaking is scheduled for next month, with a completion target date in 2025, the release states.
Pinnacle entered into a public-private partnership with the city of Miramar to develop the project. Pinnacle at La Cabaña will offer one- and two-bedroom apartments for seniors earning up to 60 percent of the area median income, except for 11 units that will be set aside for seniors making up to 28 percent of the area median income, the release states.
In 2018, Miramar’s city commission selected Pinnacle to redevelop a former public safety facility, after receiving an unsolicited proposal for the 2.3-acre property.
Pinnacle is led by partners Coraly Rodriguez, Timothy Wheat, Louis Wolfson III, Hugo Pacanins and David Deutch. In September, the firm snagged a $47.8 million construction financing package for Pinnacle 441, a planned eight-story affordable housing building with 113 apartments in Hollywood. The project will consist of one- to three-bedroom apartments that will only be made available to households earning up to 60 percent of Broward County’s area median income of $88,500 annually.
In April, the firm’s Pinnacle at Tropical Pointe project received $88.6 million in construction financing. The proposed 215-unit garden-style affordable housing community in Princeton, an unincorporated Miami-Dade neighborhood.
Last year, Pinnacle teamed up with Palm Beach Gardens-based Ram Realty Advisors to buy a 2.2-acre development site in Miami-Dade County’s Ojus neighborhood. The joint venture paid $15.4 million, and is proposing a 285-unit apartment building with 36 workforce housing units.