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10455 Old Cutler Road
FINANCED

Pinnacle Secures $49.9M Construction Loan For Development Site In Miami

10455 Old Cutler Road

Development Site
clock iconFinanced 31 days ago
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Summary

Loan
FLORIDA
Development Site

Located at 10455 Old Cutler Road in Miami, the property involved in this transaction is a development site known as Old Cutler Village Phase 2. Louis Wolfson III, acting as the landlord through Pinnacle, has secured a construction loan totaling $49,900,000 from Bank of America and Berkadia. The project is set to be a five-story midrise affordable housing development comprising 120 units catering to residents with varying income levels.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $49,900,000
  • Market: Miami
  • Loan Type: Construction Loan
  • Lender: Bank of America & Berkadia
  • Landlord: Louis Wolfson III - Pinnacle
  • Address: 10455 Old Cutler Road
  • Asset Type: Development Site
  • Completion Date: October 2025

The financing for the construction of Old Cutler Village Phase 2 will support the addition of amenities such as a community room, cyber lounge, and fitness center, enhancing the living experience for future residents of the development. The project aims to provide housing options for individuals earning 30%, 60%, and 70% of the area's median income, contributing to the affordability of housing in southern Miami-Dade County.

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Bank of America
Bank of America

Details

Deal Summary
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FINANCED
IMAGE: Louis Wolfson III DATE: 06/13/2024 ADDRESS: 10455 Old Cutler Road MARKET: Miami ASSET TYPE: Development Site LENDER: Bank of America (@BankofAmerica) & Berkadia (@Berkadia) LANDLORD: Louis Wolfson III - Pinnacle (@PinnacleHousing) LOAN AMOUNT: $49,900,000 LOAN TYPE: Construction Loan NOTE: Pinnacle has secured $49.9 million in financing to construct Old Cutler Village Phase 2, an affordable housing development in southern Miami-Dade County. This five-story midrise project will offer 120 units with amenities including a community room, cyber lounge, and fitness center, catering to residents earning 30%, 60%, and 70% of the area's median income. Completion is slated for October 2025 at 10455 Old Cutler Road.

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Address10455 Old Cutler Road

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