Miami-based Pinnacle Housing has received $68 million in construction and equity financing for Caribbean Isles, a 142-unit affordable senior housing project in its hometown. The future community will have residences designated for individuals ages 62 and over, earning 60 percent of the area median income. Pinnacle is developing the project with South Miami Heights Community Development Corp.
Caribbean Isles is expected to finish construction in 2027. The project’s capital stack combines tax credit equity, private loans and public investments. In the latest round of financing, Bank of America provided a $34 million construction loan and $27.6 million in tax credit equity. The project had also received a $27 million first mortgage loan from Chase Bank, and Miami-Dade County awarded $10 million through its Community Development Block Grant and Surtax Program.
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Plans for Caribbean Isles call for 90 one-bedroom and 52 two-bedroom floorplans with an average asking rent of $2,056, according to Yardi Matrix. Amenities will include a fitness center, a computer lab, outdoor areas and a club room. Earlier in this month, the company completed a 256-space parking garage, with 150 spots reserved for county transit riders. The remaining 106 spaces reserved for residents.
The project is taking shape at 19755 SW 110th Court in Miami along Caribbean Boulevard and U.S. 1. The future community has access to the South Dade Transitway and is near a Metro Express Bus Rapid Transit Service station, a new all-electric form of public transit in Miami-Dade county. Across the street is the Southland Mall, with various retail and dining options. Downtown Miami is approximately 23 miles north.
An active local developer
Caribbean Isles is the second phase of a larger senior housing project within a master-planned transit-oriented development. Pinnacle previously opened Caribbean Village on the same property in 2020. The first phase added 123 residences for seniors also earning 60 percent of AMI with similar layouts, Yardi Matrix shows.
In June 2025, Pinnacle received a $49.9 million financing package for the construction of Old Cutler Village in Cutler, Fla. The project is a five-story 120-unit affordable housing community for individuals and families earning 30 percent, 60 percent and 70 percent of the AMI. In August, the company also broke ground on a 334-unit apartment building in nearby Aventura, Fla. Pinnacle is partnering with Ram Realty Advisors on the project, also expected for completion in 2027.
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