David O. Deutch Of Pinnacle Secures $41 Million Loan For Affordable Senior Housing Development In Miami
Southeast Corner Of Southwest 250th Street & Southwest 137th Avenue
$41,000,000
Building Size
—
Asset Type
Development Site
Closing
Aug 5, 2026
AI
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.
Players
Lexington Park Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.39%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93