As the demand for affordable housing reaches new heights in South Florida, Miami-based Pinnacle announced the groundbreaking of Pinnacle at Tropical Pointe.
This 215-unit affordable housing development is set to rise in the Princeton neighborhood of unincorporated Miami-Dade County at 25155 SW 136th Avenue. Pinnacle, a full-service real estate development and construction company, has successfully closed $72.3 million in financing for the development through local bonds, tax credit equity, and local subsidies.
Pinnacle at Tropical Pointe will feature one- to four-bedroom apartments within six garden-style buildings. The residential community will cater to residents earning up to 60% of the area’s median income.
Slated for completion in late 2024, Pinnacle at Tropical Pointe will offer leasing opportunities on a first-come, first-served basis. Residents will benefit from top-tier amenities, including a swimming pool, fitness center, clubroom, business center, playground, BBQ area, dog run, and more.
This project’s financing has been made possible through a blend of low-income housing tax credits from the Florida Housing Finance Corporation, Miami-Dade County Surtax and HOME, and Miami-Dade County Housing Finance Authority tax-exempt bonds. Bank of America provided a $37 million construction loan and $30.6 million of tax credit equity. Citibank provided a permanent loan of $20 million. Additionally, Pinnacle at Tropical Pointe has received a $1 million Development Inflation Adjustment Fund (DIAF) allocation from Miami-Dade County to help mitigate rising construction costs. By leveraging different sources of financing, the company is able to develop well-designed, attractive housing options that enhance the lives of residents while also elevating the communities in which they are built.
“Pinnacle at Tropical Pointe highlights the power of public and private sector collaboration in addressing the pressing need for affordable housing in our community,” said David O. Deutch, Partner at Pinnacle. “By tapping into a variety of funding sources and working closely with local governments and financial institutions, together we can bring affordable housing to hundreds of cost burdened members of our community despite the soaring costs of construction. We are grateful to all our partners for their unwavering dedication and resourcefulness, which have been instrumental in bringing Pinnacle at Tropical Pointe to fruition.”
Pinnacle at Tropical Pointe underlines Pinnacle’s commitment to delivering high-quality, affordable housing solutions for households in need. This development stands as an example of the crucial role public-private partnerships play in addressing the ever-growing affordable housing crisis.
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