Pinnacle Secures $50M for Miami Affordable Property

The project represents the second phase of Old Cutler Village, which will comprise 120 apartments.

Pinnacle has secured $49.9 million in financing backing the construction of the second phase of Old Cutler Village, a five-story, 120-unit affordable housing development in an unincorporated area of Miami-Dade County, Fla.

Construction on the property at 10455 Old Cutler Road is expected to be completed by October 2025. Financing for the development includes $32.2 million of tax equity from Bank of America, a $9.1 million conventional first mortgage loan from Freddie Mac originated by Berkadia and a subordinate $6 million Surtax loan from Miami-Dade County. The balance will be provided through developer equity.

Aimed at helping ease the growing housing affordability crisis in Miami-Dade County, the development will serve families and individuals earning 30 percent, 60 percent and 70 percent of Area Median Income. The development marks the first expansion of the 288-unit Old Cutler Village Apartments since it was completed in 2003. That property also provides affordable apartments.

Old Cutler Village Phase 2 will have a mix of one-, two- and three-bedroom floorplans. Amenities will include a community room, cyber lounge, fitness center and high-speed internet access. Situated on 22.57 acres, the property will have grade-level parking and will share the leasing office with Old Cutler Village. The community will have main street exposure on Ingraham Highway/Old Cutler Road and Ronald Reagan Turnpike.

Pinnacle’s busy past year

Miami-based Pinnacle, a full-service real estate development and construction company, has a portfolio of more than 9,000 units.

Earlier this year, Pinnacle broke ground in April on Pinnacle at La Cabaña, a 110-unit affordable senior housing project in Miramar, Fla., that is also slated for completion in 2025. The $41.2 million project is the result of a public-private partnership between the developer and the city.

In September 2023, Pinnacle secured $47.8 million in construction financing to develop Pinnacle 441 Phase 2, an eight-story,100-unit affordable housing development in Hollywood, Fla. The transit-oriented development is near Route 441, which provides direct access to downtown Miami. The first phase of Pinnacle 441 delivered 113 affordable units to the State Road 7 corridor.

You May Also Like