Pinnacle Breaks Ground on Miami-Dade Affordable Senior Housing Project

Key Points

• Financing Secured: Pinnacle closed $71.7M in construction loans and equity for a 142-unit senior housing development.
• Public-Private Backing: Bank of America and Miami-Dade County jointly funded the project.
• Targeted Demand: The community will serve seniors earning up to 60% of area median income.

Project Details

Caribbean Isles is under development at 19901 SW 110th Court in South Miami Heights and will deliver 142 affordable senior units. The unit mix includes 90 one  bedroom and 52 two bedroom residences designed specifically for older adults. Households earning up to 60% of Miami-Dade’s area median income will qualify, addressing rising affordability pressure among seniors on fixed incomes. Amenities are focused on livability rather than luxury and include a community room, fitness center, computer lab, covered outdoor space, and a parking garage.

Financing Structure

The project is backed by a layered public-private capital stack. Bank of America provided a $34M construction loan through a tax-exempt bond structure and an additional $27.7M in equity. Miami-Dade County contributed $10M through Community Development Block Grants and the Affordable Housing Surtax Program. Pinnacle co-founder and president David O. Deutch said the project advances the firm’s commitment to expanding affordable housing options for older adults in South Miami-Dade.

Design and Construction

Construction is being handled by PC Building, Pinnacle’s in-house general contractor, while design was led by Behar Font & Partners. Groundbreaking occurred last month, with completion expected in summer 2027. The 3.23-acre site sits adjacent to the South Dade Bus Rapid Transit Corridor, giving residents access to a newly built electric transit line that serves southern Miami-Dade.

Bigger Picture

Caribbean Isles represents the second phase of a public private partnership on county-leased land. Pinnacle previously completed Caribbean Village, a 123-unit affordable senior housing project nearby, in 2019. As one of Florida’s largest affordable housing developers, Pinnacle continues to scale projects where demand remains deep and supply constrained.

Why This Matters for Landlords and Investors

Affordable senior housing remains one of the most durable segments in Florida real estate. Stable public financing, long term demand, and limited exposure to market-rate volatility make projects like Caribbean Isles especially resilient. For landlords and investors, it’s a reminder that necessity-based housing near transit and employment corridors continues to attract capital and government support, even in tighter cycles.