**Pinnacle Secures $68 Million for Miami Affordable Senior Housing Project**
Pinnacle Housing has secured $68 million in construction and equity financing for Caribbean Isles, a new affordable senior housing community in Miami. The development will feature 142 units reserved for individuals aged 62 and older who earn 60 percent or less of the area’s median income.
Slated for completion in 2027, Caribbean Isles will be located at 19755 SW 110th Court. The project is being developed in partnership with South Miami Heights Community Development Corp.
Financing for the project involves a mix of private and public funding sources. Bank of America is playing a key role, providing a $34 million construction loan along with $27.6 million in tax credit equity. Additional funding support comes from Chase Bank and Miami-Dade County.
The development will include 90 one-bedroom and 52 two-bedroom apartments, with average rents expected around $2,056. Community amenities will feature a fitness center, a computer lab, outdoor areas, and a club room — all designed to enhance the quality of life for senior residents.
