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Pinnacle scores financing for Verbena affordable housing in south Miami-Dade
Project will feature 110 units for families earning between 60% and 30% less than the area's median income
Pinnacle Housing Group just scored $31.2 million in financing to build Verbena, a new 110-unit transit-oriented affordable housing development in Leisure City’s Modello neighborhood in south Miami-Dade.
The project will consist of a six-story building and a five-story building that will rise on 2.4 acres of land right off the Miami-Dade Transit Busway at 28140 South Dixie Highway. Records show Pinnacle paid $1.75 million for the property September.
Verbena will be built using a $23 million construction loan from Citibank; $2.6 million of permanent financing from Freddie Mac; a $100,000 catalyst loan from Citibank; and a $5.5 million surtax loan from Miami-Dade. Pinnacle also received $21.5 million in tax credit equity, according to a spokesperson.
Construction will commence in January 2019 and will be completed by early 2020, according to a press release.
Amenities will include a playground, fitness facility, leasing office and computer lab. Units will be set aside for families earning between 60 percent to 30 percent less than the area median income and will feature energy-efficient utilities.
The deal comes on the heels of Pinnacle scoring financing for a 120-unit senior affordable housing community in Hollywood called Pinnacle at Peacefield.
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.