Pinnacle has secured $60.6 million in financing for the development of Pinnacle at La Cabaña, a 110-unit fully affordable and age-restricted housing community in Miramar, Fla.
The Pinnacle at La Cabaña project represents a years-long strategic public-private partnership between Pinnacle and the City of Miramar and also the developer’s second P3 venture for senior housing. In 2018 the city selected Pinnacle to redevelop a former public safety facility following an unsolicited P3 proposal. Construction will start in January 2024, while completion is anticipated in mid-2025.
Project financing includes:
- $22 million in construction financing from Bank of America
- $27.3 million in 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
- $750,000 from United Way of Broward County
In September, Pinnacle secured $47.8 million in construction financing for Pinnacle 441 Phase 2, a 100-unit affordable housing development in Hollywood, Fla.
A best-in-class affordable community
Upon delivery, Pinnacle at La Cabaña will comprise 99 units designated for seniors earning 60 percent of the area median income, while the remaining 11 units will cater to residents earning 28 percent of AMI.
The development will incorporate one- and two-bedroom floorplans. Common-area amenities are set to include a fitness center, a clubhouse, a community room, a multi-purpose room for wellness programming, a top-floor lounge, a dog-walk area, controlled access and approximately 95 parking spaces.
Located at 8911 Miramar Parkway, the development site is less than 4 miles from central Miramar. River Run Park, Memorial Pembroke 24/7 Emergency Care Center and North Perry Airport are within a 3.5-mile radius.
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