The Real Deal reports that Miami-based developer Pinnacle has secured $41 million in financing to build Pinnacle at Tropical Crossings, an 8-story, 110-unit senior housing development. Located at the corner of Southwest 250th Street and Southwest 137th Avenue in unincorporated South Miami-Dade, the development will sit adjacent to the company’s existing 215-unit Pinnacle at Tropical Pointe community.
The age-restricted development is reserved for residents 62 and older who earn between 30% and 60% of the Area Median Income. Plans call for 39 studios and 71 one-bedroom apartments. Bank of America provided a $28 million construction loan alongside $30.7 million in 9% Low-Income Housing Tax Credit equity, with Neighborhood Lending Partners providing an $8 million permanent conversion loan. Pinnacle continues to ramp up its South Miami-Dade pipeline following its $68 million financing for the 142-unit Caribbean Isles senior development nearby.
