Pinnacle Secures $38.6M Construction Loan For Pinnacle 441 Affordable-Housing Development In Hollywood

Pinnacle has secured $38.6 million in construction financing for the 100-unit, 10-story phase of the Pinnacle 441 affordable-housing property in Hollywood, Florida. The loan amount was provided by Bank of America for the development, which is built on a former trailer park site. The property offers units for tenants earning up to 60 percent of the area's median income, which is $82,100 in Broward County.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $38,600,000
• Address: 6028 Johnson Street, Hollywood, Florida
• Market: Hollywood
• Lender: Bank of America
• Landlord: Pinnacle - Timothy P. Wheat
• Loan Type: Construction Loan
• Loan Date: 08/31/2023
• Asset Type: Development Site
• Acres: 1.67

Bank of America provided $22 million of the $38.6 million construction loan for the 100-unit, 10-story phase of the Pinnacle 441 affordable-housing property. This development is located on a former trailer park site in Hollywood, Florida. The property will offer affordable units for tenants earning up to 60 percent of the area's median income, providing much-needed housing options in Broward County.