Max Cruz Of Pinnacle Housing Secures $68 Million Construction Loan For Caribbean Isles Development In Miami

The development site located at 19755 Southwest 110th Court in Miami is the focus of a construction loan transaction. Pinnacle Housing has secured a loan amounting to $68 million, aimed at funding the construction of Caribbean Isles, a 142-unit affordable senior housing project set for completion in 2027.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $68,000,000
• Lender: Bank of America, Chase Bank, and Miami-Dade County
• Landlord: Max Cruz - Pinnacle Housing
• Loan Type: Construction
• Targeted Residents: Individuals aged 62 and older earning up to 60% of area median income

The transaction involves key participants, including Max Cruz, representing Pinnacle Housing as the landlord. The financing structure for the project is composed of tax credit equity, private loans, and public investments, highlighting a collaborative effort among various financial entities.