Miami Today News reports that Pinnacle, in collaboration with the South Miami Heights Community Development Corp., has closed on $68 million in financing for Caribbean Isles, a 142-unit affordable housing development for seniors aged 62 and older. This development serves as the second phase of a master-planned, transit-oriented village on county-owned land, following the 2020 opening of Caribbean Village.
Located at the intersection of US 1 and Caribbean Boulevard, the development is strategically positioned adjacent to one of the 14 new Bus Rapid Transit (BRT) stations. This location aligns with Miami-Dade County’s initiative to densify transit corridors and provide seniors with direct access to essential resources and services.
“We want our seniors to stay close to the resources, transit and services they rely on,” Pinnacle co-founder and President David O. Deutch said
The development is supported by a mix of private and public funding, including $34 million in construction loans and $27.6 million in tax-credit equity from Bank of America, alongside contributions from Chase Bank and $10 million from Miami-Dade County. As part of the community’s infrastructure, a recently completed 256-space parking garage includes 150 spaces specifically reserved for transit riders, further integrating the residential site with the county’s mass transit goals.
