Updated Sep 18, 2026
FINANCEDDevelopment Site
Max Cruz Of Pinnacle Secures $31.4 Million Loan For Affordable Senior Housing In Fort Lauderdale
6520 North Andrews Avenue
$20,000,000
Units
100
Asset Type
Development Site
Closing
Sep 1, 2026
About this deal
AI
The property asset involved in the transaction is a development site located at 6520 North Andrews Avenue in Fort Lauderdale, FL. Pinnacle is developing the first phase of Pinnacle at Cypress, a $40.2 million affordable senior housing development comprising an eight-story building with 100 affordable units and 6,525 square feet of office space leased to the Multiple Sclerosis Foundation.
Summary of transaction details:
- Property Type: Development Site
- Development Cost: $40,200,000
- Developer: Max Cruz - Pinnacle
- Financing: $20,000,000 in tax-exempt bond construction financing from Bank of America and JPMorgan Chase, $16,950,000 in LIHTC equity from Bank of America, $10,500,000 in SAIL financing and $1,437,000 in HOME-ARP financing from the Florida Housing Finance Corporation, plus $4,500,000 in Broward County Gap financing and $115,000 in Broward County SHIP financing
- Project Phases: First phase includes 100 affordable units, with a planned second phase for 96 additional units
- Office Space: 6,525 square feet leased to the Multiple Sclerosis Foundation
Max Cruz represents Pinnacle in the development. The financing combines tax-exempt bond proceeds, LIHTC equity and state and Broward County affordable housing funding sources.
On the Map
$20,000,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93