Pinnacle Secures $41M in Permanent Financing for Affordable Senior Housing in Broward County
By Andrew Coen December 18, 2023 5:23 pm
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Pinnacle has sealed $41.2 million in permanent financing for an affordable senior housing development in Florida’s Broward County, the Miami-based developer announced Monday.
The package a $22 million construction loan from Bank of America (BAC), for the company’s planned 110-unit Pinnacle at La Cabaña in Miramar, Fla. Pinnacle also received a $5.6 million permanent first mortgage from Neighborhood Lending Partners; $4.3 million from Florida Housing Finance Corporation; $656,000 from the City of Miramar; and $750,000 from United Way of Broward County. It also includes a portion of $27.38 million tax credit equity provided by Bank of America.
Located at 8911 Miramar Parkway, Pinnacle at La Cabaña will have affordable rents for senior citizens on fixed incomes, with 11 units available for those earning 28 percent of the area median income and the rest set aside for residents earning 60 percent of AMI. Community amenities will include multipurpose facilities for wellness and social activities as well as art in public spaces.
The public-private partnership project was spurred by the City of Miramar, which owns the land that was formerly a public safety facility and selected Pinnacle to redevelop the property in 2018. Construction is slated to commence in January with completion estimated in mid-2025.
“Seniors are among the most severely impacted by South Florida’s affordability crisis,” Tim Wheat, partner with Pinnacle, said in a statement.
“We are grateful for the vision and leadership of all our partners who joined forces with us to help us secure the required financing,” Wheat continued. “Without their support, this project would not be possible due to the skyrocketing cost of construction, land, labor and property insurance.”
Representatives for Bank of America did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
