Max Cruz Of Pinnacle Secures $31.4 Million Loan For Affordable Senior Housing In Fort Lauderdale

The property asset involved in the transaction is a development site located at 6520 North Andrews Avenue in Fort Lauderdale, FL. Pinnacle has secured a total loan amount of $31,400,000 for this project, which will be the first phase of the Pinnacle at Cypress affordable senior housing initiative. The project comprises an eight-story building that will feature 100 affordable units and includes 6,525 square feet of office space leased to the Multiple Sclerosis Foundation.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $31,400,000
• Lender: Housing Authority of the City of Fort Lauderdale, Florida Housing Finance Corporation & Broward County
• Landlord: Max Cruz - Pinnacle
• Project Phases: First phase is for 100 affordable units with a planned second phase for 96 additional units
• Office Space: 6,525 square feet leased to the Multiple Sclerosis Foundation

The key individuals involved in this transaction include Max Cruz, who acts as the landlord, representing Pinnacle in the financing arrangement. The loan includes contributions from various entities, with substantial amounts coming from the city’s Housing Authority, Florida Housing Finance Corp., and Broward County, reflecting a collaborative effort to fund affordable housing in the area.