Pinnacle has successfully secured $49.9 million in financing to commence construction on a 120-unit affordable housing development in Miami-Dade County. The funding for this project includes a $32.2 million tax credit equity from Bank of America, a $9.1 million conventional first mortgage loan from Berkadia/Freddie Mac, and a subordinate Surtax loan of $6 million from Miami-Dade County, with the remaining balance covered by developer equity.
The upcoming community will consist of a five-story midrise building featuring various floor plans ranging from 1-bedroom to 3-bedroom apartments. Residents will have access to amenities such as a community room, cyber lounge, and fitness center. This development aims to cater to families and individuals earning between 30%, 60%, and 70% of the area median income.
Located at10455 Old Cutler Road in unincorporated southern Miami-Dade County Phase Two is expected for completion by October2025.The new complex offers an ideal location close proximityto major highwaysand public transportation options making it easily accessiblefor residents.Old Cutler Village Phase Two is poisedto becomea highly sought-afteraffordable housing optionin South Florida’s thriving real estate market.
