Pinnacle has secured $40.2 million in financing to advance the first phase of a new mixed-use, affordable senior housing community in Fort Lauderdale. The project, known as Pinnacle at Cypress Phase I, represents the initial stage of a planned two-phase development that will pair age-restricted residential units with ground-floor commercial space.
Pinnacle at Cypress is being built at 6520 North Andrews Avenue in Fort Lauderdale. Phase I will deliver 100 one-bedroom apartments specifically designed for senior households, positioned above a ground-floor commercial component. The initial phase is planned with 6,525 square feet of commercial space at street level, integrating residential and commercial uses within a single development.
The broader Pinnacle at Cypress plan calls for a second phase that will mirror the scale of the first residential component. Phase II is expected to add another 100 senior housing units, with a mix of studio and one-bedroom apartments. These Phase II units are described as complementing the housing options in Phase I, broadening the range of layouts available to seniors within the same overall community. According to the announcement, Phase II is scheduled to break ground in the spring of 2027.
Financing for the project was provided by Bank of American, JP Morgan Chase and a half dozen public agenices. The combination of private banks and multiple public sources reflects a capital stack tailored to the project’s focus on affordability and senior housing, aligning both private and public priorities around the delivery of income-restricted units.
The community is targeted to serve seniors with household incomes at 22%, 33% and 60% of Area Median Income (AMI). By spanning multiple AMI bands, the project is structured to reach deeply affordable households as well as those at more moderate income levels within the senior population. The income-restricted positioning is central to the project’s program, shaping both its financing structure and its prospective resident base.
With the financing in place and a clear phasing plan, Pinnacle at Cypress is positioned as a two-stage development that will ultimately bring 200 affordable senior housing units and a ground-floor commercial component to Fort Lauderdale. The project’s multi-phase approach and layered financing sources underscore the role of both institutional lenders and public entities in advancing affordable senior housing in the market.
