Pinnacle Secures $50M for New Workforce Housing in Miami's Old Cutler Village

Pinnacle has successfully raised a $50 million financing package aimed at expanding workforce housing within the Old Cutler Village Apartments complex in Cutler Bay, Florida.

Project Details

The new addition, Old Cutler Village Phase 2, will be a five-story building comprising 120 workforce housing units. Located at 10455 Old Cutler Road, just east of the Ronald Reagan Turnpike in Miami-Dade County, this development will provide housing for individuals earning no more than 70 percent of the area median income (AMI).

Financing Structure

The construction financing for this project includes $32.2 million in tax credit equity from Bank of America, $9.1 million in a conventional first mortgage loan from Berkadia and Freddie Mac, and $6 million in a subordinate Surtax loan from Miami-Dade County.

Completion and Impact

Construction is slated for completion in October 2025. This marks the first expansion of the Old Cutler Village Apartments since its initial completion in 2003, which currently comprises 288 affordable housing units. Pinnacle emphasizes that this expansion is crucial as the need for affordable housing in South Florida is at an unprecedented high.

Pinnacle's Portfolio

Pinnacle, headquartered in Dadeland, oversees a portfolio of 9,000 units. Last year, the company raised $89 million to develop a 215-unit affordable housing project in the Princeton neighborhood, underscoring its ongoing commitment to addressing housing affordability.