Affordable Housing Finance recently featured Pinnacle at Tropical Crossings, an eight-story affordable housing community for older adults planned in unincorporated Miami-Dade County. Miami-based developer Pinnacle has secured $41 million in financing to move the 110-apartment development forward.
Designed for residents 62 and older, the community will include 39 studios and 71 one-bedroom apartments. Eleven homes will be reserved for households earning no more than 30% of the area’s median income, while the remaining 99 will serve households earning no more than 60% of that amount. Residents will have access to a spacious community room, cyber lounge, fitness center and dedicated dog park.
The development’s financing includes a $28 million construction loan from Bank of America. Once the community is completed and occupied, the construction financing will transition to an $8 million permanent loan from Neighborhood Lending Partners. Bank of America is also providing $30.7 million through the Low-Income Housing Tax Credit program following a competitive award from the Florida Housing Finance Corp.
