Pinnacle Secures $88.6M Loan For Miami Affordable Housing Project At Tropical Pointe

Miami-based Pinnacle has secured $88.6m in financing for Pinnacle at Tropical Pointe, a 215-unit affordable housing project located at 25155 SW 136th Avenue & 13580 SW 252nd Street in Davie. The property spans 9.2 acres and consists of six garden-style buildings. Amenities include a pool, fitness center, co-working space, and playgrounds. The apartments will be priced for individuals earning up to 60% of the area's median income. The construction loan was provided by Bank of America and Citibank, with additional financing from Miami-Dade County. The project is expected to be completed in 2024.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $88,600,000
• Units: 215
• Acres: 9.2
• Address: 25155 SW 136th Avenue & 13580 SW 252nd Street, Davie
• Lender: Bank of America, Citibank
• Landlord: Pinnacle - David Deutch
• Loan Type: Construction Loan

Pinnacle, led by David Deutch, successfully secured the financing for this affordable housing development. The project aims to provide quality housing for individuals with lower incomes in Miami-Dade County's Princeton neighborhood. The funding from Bank of America, Citibank, and Miami-Dade County will ensure the completion of this much-needed community project, offering a range of amenities and affordable rental options.