Pinnacle scores construction loan for affordable housing in Hollywood

Pinnacle Housing Group just closed on land and scored more than $23 million in financing for its long-planned senior affordable housing community in Hollywood.

The Miami-based developer secured a $22.7 million construction loan from Citibank and at least $578,000 from public entities, records show. Construction of the Pinnacle at Peacefield project will begin early next year, according to a spokesperson. It will have 120 units in three three-story buildings and will be set aside for residents older than 62 years of age.

The city of Hollywood and its community redevelopment agency sold the 5.5-acre site between South 24th Avenue and Dixie Highway, just south of Adams Street, for $2.1 million, records show. They began assembling the land in 2001, issuing requests for proposals to develop the site and snagging interest from developers like MG3 Development and Carlyle Development Group, but those deals fell through.

In 2015, Pinnacle was awarded the project and in September of this year, it received housing tax credits awarded to build Pinnacle at Peacefield. The units will be set aside for seniors earning 60 percent or 30 percent of the area median income. The community will contain a mix of 72 one-bedroom units and 48 two-bedroom units.

Amenities at Pinnacle at Peacefield include a community meeting room, a cyber café, gym and an outdoor patio.

Last year, Pinnacle sold a luxury apartment complex nearby that it co-developed with Ram Realty Services for $90.3 million. Parc Station adjoins the Sheridan Street Tri-Rail station.

Pinnacle is also in the midst of building Caribbean Village , a 123-unit, transit-oriented senior affordable housing project in Miami-Dade’s South Miami Heights neighborhood – the first in the area for more than two decades.