Pinnacle Secures $72M for Affordable Housing Project in Miami
The financing is a blend of local bonds, tax credit equity, and local subsidies.
Pinnacle has broken ground on Pinnacle at Tropical Pointe, a 215-unit affordable housing development in the Princeton neighborhood of Miami-Dade County. Pinnacle has closed $72.3 million in financing for the development through local bonds, tax credit equity, and local subsidies.
Pinnacle at Tropical Pointe will feature one- to four-bedroom apartments within six garden-style buildings. The residential community will cater to residents earning up to 60% of the area’s median income.
The financing is a blend of low-income housing tax credits from the Florida Housing Finance Corporation, Miami-Dade County Surtax and HOME, and Miami-Dade County Housing Finance Authority tax-exempt bonds. Bank of America provided a $37 million construction loan and $30.6 million of tax credit equity. Citibank provided a permanent loan of $20 million. Additionally, Pinnacle at Tropical Pointe has received a $1 million Development Inflation Adjustment Fund allocation from Miami-Dade County to help mitigate rising construction costs.