Multihousing News reports that Pinnacle has secured $68 million in construction and equity financing for Caribbean Isles, a new 142-unit affordable senior housing community in Miami. The development targets residents age 62 and over earning up to 60 percent of the area median income and marks Pinnacle’s continued expansion of senior housing in its hometown.
The capital stack combines a $34 million construction loan and $27.6 million in tax credit equity from Bank of America, a $27 million first-mortgage loan from Chase Bank, and $10 million from Miami-Dade County’s Community Development Block Grant and Surtax Program. Caribbean Isles is expected to be completed in 2027 and will include a mix of one- and two-bedroom homes with resident-focused amenities
Located along Caribbean Boulevard near transit and retail amenities, the development is part of a larger, transit-oriented senior housing initiative that builds on Pinnacle’s previous phase, Caribbean Village, and underscores the company’s role in addressing affordable housing needs in South Florida.
