Pinnacle has secured $49.9 million in financing to begin construction on a 120-unit affordable housing development in Miami-Dade County. Financing for the $49.9 million development includes a $32.2 million tax credit equity from Bank of America, a $9.1 million conventional first mortgage loan from Berkadia/Freddie Mac, a subordinate $6 million Surtax loan from Miami-Dade County, and the balance with developer equity.
The new community will feature a five-story midrise building offering a range of floor plans, from 1-bedroom to 3-bedroom apartments. Residents will enjoy amenities such as a community room, a cyber lounge, and a fitness center. The development will serve families and individuals earning 30%, 60%, and 70% of the area median income.
Old Cutler Village Phase 2 is located at 10455 Old Cutler Road in unincorporated southern Miami-Dade County. Construction is expected to be completed in October 2025.
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