Pinnacle Kicks Off Miami-Area Affordable Project
The age-restricted project's price tag is north of $40 million.
Pinnacle has broken ground on Pinnacle at La Cabaña, a 110-unit affordable senior housing project in Miramar, Fla. The development is set for completion in 2025.
The project is the result of a public-private partnership between the developer and the city. According to Yardi Matrix data, funding sources for the $41.2 million project include:
- $22 million construction loan from Bank of America
- $4.3 million from the Florida Housing Finance Corp.
- $750,000 from United Way of Broward County
- $656,000 from the City of Miramar
- $114,000 from Neighborhood Lending Partners debt funds
Additionally, the development also benefits from $27.3 million in tax credits from Bank of America, as well as a $5.6 million mortgage from Neighborhood Lending Partners and $2.6 million in deferred fees, The Real Deal reported.
READ ALSO: Financing Senior Housing When Liquidity Is Low
All 110 units will be age-restricted, with 11 apartments being reserved for seniors earning 28 percent or less of the area median income and the remainder serving seniors earning up to 60 percent of AMI. Set to rise five stories, the project will encompass one- and two-bedroom floorplans. Common-area amenities are slated to include a community space, top-floor lounge, resident storage, gym and dog park, among others.
Located at 8911 Miramar Parkway, the site is 20 miles north of Miami and roughly the same distance from Fort Lauderdale. The community will be some 4 miles from North Perry Airport and 6 miles from Miami-Opa Locka Executive Airport. It is also about 1 mile from the Miramar Parkway Plaza shopping center and from Miramar Pineland Park.
Following South Florida’s rental pipeline
Throughout Greater Miami, there were some 160 properties under construction as of April, totaling nearly 46,000 units, according to Yardi Matrix data. Of these, about 6,000 residences are taking shape in fully affordable developments. South Florida continues to have a very active pipeline, with the area in the country’s top five for units underway at the end of March, the same source shows.
Last year, Pinnacle also broke ground on the second phase of Pinnacle 441 in Hollywood, Fla., another affordable project, after securing $47.8 million in construction financing. The development is rising on the site of a former trailer park and will comprise 100 units.
