MIRAMAR, Fla. — Pinnacle has received $41.2 million in financing to start construction of Pinnacle at La Cabaña, a 110-unit affordable housing development for seniors in the Miami suburb of Miramar. Construction is scheduled to begin in January 2024.
Pinnacle at La Cabaña will consist of one- and two-bedroom apartments with enhancements to ensure adaptability for aging residents. Of the total units, 11 will be available for seniors earning up to 28 percent of the area median income and the remaining will be affordable to seniors earning up to 60 percent of the area median income.
Located at 8911 Miramar Parkway, the development is the culmination of a years-long public-private partnership between Pinnacle and the City of Miramar. The city owns the land, which selected Pinnacle to redevelop the former public safety facility. The development site is directly adjacent to the city’s adult daycare facility.
Completion of the project is scheduled for mid-2025. This is Pinnacle’s second public-private venture for seniors housing, taking advantage of state legislation to facilitate the development of publicly-owned land, having completed Pinnacle at Peacefield in Hollywood in 2021.
Financing includes a $22 million construction loan from Bank of America; $27.3 million in Low-Income Housing Tax Credit equity from Bank of America; $5.6 million permanent first mortgage from Neighborhood Lending Partners; $4.3 million from Florida Housing Finance Corp.; $656,000 from the City of Miramar; and $750,000 from United Way of Broward County.
A United Way 2021 study shows 43 percent of age 65-plus households, or 203,457 total households in Broward County are cost-burdened due to housing expenses.
The post Pinnacle Receives $41.2M in Financing for Affordable Development in Miramar, Florida appeared first on Seniors Housing Business.