Pinnacle scores $31M for senior affordable housing development

112-unit apartment project expected to be completed in 2021

Miami /
Oct.October 06, 2020 04:30 PM
Renderings of the project (Courtesy of Pinnacle)

Renderings of the project (Courtesy of Pinnacle)

UPDATED, Oct. 8, 12:40 p.m.: Pinnacle secured $30.8 million of financing to build an affordable housing development for seniors in south Miami-Dade County.

Citibank provided $22.1 million through the purchase of 9 percent tax credits and also lent Pinnacle $4.3 million for the 112-unit rental project, Cannery Row at Redlands Crossing. Miami-Dade County also contributed a $3.5 million surtax loan, according to a release.

Pinnacle will be developing the apartments at 14380 Southwest 261st Street in partnership with Rural Neighborhoods, a non-profit organization that provides shelter for working families, especially migrant and farmworkers, according to its website.

Miami-based Pinnacle and Rural Neighborhoods supplied the final $900,000 to bring the financing total to $30.8 million.

The development entity, Cannery Row at Redlands Crossing, LLLP, paid $2.75 million for the land in August 2019, according to a spokesperson.

PCDS Construction, a joint venture between Pinnacle and D. Stephenson Construction has already broken ground on the seven-story project, according to the release. Cannery Row at Redlands Crossing is expected to be completed before year-end 2021.

The spokesperson said 12 units will be available for individuals earning 28 percent of the area’s median income; one unit will be for those earning 33 percent, and 99 units will be for those earning 60 percent.

In July 2019, Pinnacle sold Abbey Park, an affordable housing complex in West Palm Beach, to Fairfield Residential for $19.7 million.

In recent weeks, South Florida has seen a number of affordable housing deals. Cornerstone Group sold a 246-unit Lauderdale Lakes apartment complex for $16.9 million, Malibu Bay Preservation Limited bought a 264-unit affordable housing community in West Palm Beach for $38 million, and a joint venture received a $19 million construction loan for an affordable housing development in Opa-locka.

Correction: An earlier version of this story named the wrong street number. 





    Related Articles

    arrow_forward_ios
    The site at 1431 North Bayshore Drive with Genting CEO Lim Kok Thay (Genting)
    Genting wants over $1B for waterfront Miami site
    Genting wants over $1B for waterfront Miami site
    Renderings of the project and Alta Developers’ Raimundo Onetto (Behar Font & Partners, Alta Developers)
    Alta kicks off plans for second rental building near Dadeland Mall
    Alta kicks off plans for second rental building near Dadeland Mall
    The Estates at Acqualina in Sunny Isles Beach 
    Estates at Acqualina tops Miami-Dade’s weekly condo sales
    Estates at Acqualina tops Miami-Dade’s weekly condo sales
    Edna Buchanan with 400 W San Marino Drive
    Crime writer Edna Buchanan sells Venetian Islands home for $12M
    Crime writer Edna Buchanan sells Venetian Islands home for $12M
    Jon Paul Pérez with an aerial of Fisher Island (Google Maps)
    Related ups ask for planned Fisher Island penthouse to $90M
    Related ups ask for planned Fisher Island penthouse to $90M
    The Cañero Group’s Jose Cañero and 24735 South Dixie Highway (Google Maps, Getty, Linkedin)
    Canero proposes rental complex in south Miami-Dade
    Canero proposes rental complex in south Miami-Dade
    SL Green’s Andrew Mathias, Boich Investment Group’s Wayne Boich and Related Companies’ Bruce Beal Jr. with rendering of 1920 Alton Road (SL Green, Boich Enterprises, Related Companies)
    Boich, Beal and Mathias score approval for Sunset Harbour project
    Boich, Beal and Mathias score approval for Sunset Harbour project
    TA Realty Managing Partner James Buckingham and the industrial park at 9701-9793 Northwest 91st Court in Medley (TA Realty, CBRE)
    TA Realty drops $241M for Medley industrial park
    TA Realty drops $241M for Medley industrial park
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...