Hollywood Affordable Housing Development Secures $47.8M In Financing

Pinnacle has closed on $47.8 million in financing to build Pinnacle 441 Phase 2, an eight-story, 100-unit affordable housing development in Hollywood.

This transit-oriented development will provide much-needed affordable housing along the rapidly growing State Road 7 corridor.

Pinnacle 441 Phase 2 will rise on a 1.65-acre site at 6028 Johnson Street, just west of the first phase of Pinnacle 441 (containing 113 affordable units and 8,000+ square feet of commercial and live/work space) currently under construction at the intersection of Johnson Street and US 441/SR 7. Construction of Phase 2 will begin in September 2023 and should be completed in 16 months.

Phase 2 consists of 1, 2 and 3-bedroom units. One unit will also feature a live/work space with commercial frontage on Johnson Street. The development will cater to individuals and families earning up to sixty percent (60%) of Broward County’s median income, adjusted for family size.  Phase 2 replaces a trailer park which was purchased and subsequently closed by Pinnacle with the support of community leaders who envisioned a revitalized SR 7 corridor.

“This project could not have been possible without the vision and strong support of the Hollywood City Commission and Broward County Board of County Commissioners, Florida Housing Finance Corporation, and all other partners who have worked hard to help us secure the financing needed to bring this project to fruition,” said Pinnacle partner Timothy P. Wheat. “Pinnacle 441 Phase 2 is a major milestone in the city and county’s joint efforts to address the affordable housing crisis in the region, redevelop the State Road 7 corridor, and focus on transit-oriented development. This is an excellent example of what can be achieved when elected officials, community leaders and developers work together.” 

Pinnacle 441 Phase 2 is being financed through a mix of funding sources, including tax credit equity financing from Bank of America, tax-exempt bonds issued by Broward County Housing Finance Authority allowing for both construction financing from Bank of America and permanent financing from Citibank, $10 million in gap financing from Broward County, $1,000,000 in financing from the City of Hollywood and $6,600,000 in loans from the Florida Housing Finance Corporation.

Pinnacle 441 Phase 2 residents will enjoy all of the amenities within the adjoining Phase 1 property such as a state-of-the-art fitness facility, virtual reality gaming room and indoor/covered outdoor lounge, and amenities unique to Phase 2, including indoor meeting space and a cyber lounge. Pinnacle 441 also includes a large public plaza at the intersection of SR 7 and Johnson Street, bike racks, and enhanced bus shelters offering connections to multiple routes, including BCT’s express “441 Breeze.” Pinnacle has also continued its long-standing commitment to install art in public places in the public plaza of Pinnacle 441 along with the additional donation of three smaller companion pieces in the City’s linear park on the opposite side of State Road 7, all created by noted sculpture artist Clayton Swartz.

This project continues to expand Pinnacle’s footprint in the City of Hollywood, where the company has developed approximately 1,000 units across five communities to date: Crystal Lakes, Parc Station, Pinnacle at Peacefield and Pinnacle 441.  Pinnacle 441 Phase 2 will continue Pinnacle’s mission of providing quality, affordable housing.