David O. Deutch Of Pinnacle Secures $41 Million Loan For Affordable Senior Housing Development In Miami

The property involved in this transaction is a development site located at the southeast corner of Southwest 250th Street & Southwest 137th Avenue in Miami, FL. The loan amount secured for this project is $41,000,000, which will facilitate the construction of a 110-unit affordable senior housing community designed for residents aged 62 and older who earn up to 60% of the area median income.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $41,000,000
• Lender: Bank of America, Neighborhood Lending Partners
• Landlord: David O. Deutch - Pinnacle
• Loan Type: Construction

Pinnacle has secured financing that includes a $28 million construction loan from Bank of America, along with an $8 million permanent loan from Neighborhood Lending Partners upon stabilization. Additionally, $30.7 million in low-income housing tax credit equity has been obtained from Bank of America for this project, named Pinnacle at Tropical Crossings.