Pinnacle secured $41 million in financing for an affordable seniors housing project in Naranja, as the firm seizes on south Miami-Dade County’s growth.
Miami-based Pinnacle plans the 110-unit apartment project reserved for tenants who are 62 and older and earn 30 percent to 60 percent of the area median income, according to the developer’s news release. The eight-story building will be constructed on the southeast corner of Southwest 250th Street and Southwest 137th Avenue in unincorporated Miami-Dade.
The nearly 1-acre site is next to the 215-unit Pinnacle at Tropical Pointe affordable and workforce housing complex, which the developer completed in 2024, property records show.
The financing package for the project, called Tropical Crossings, consists of a $28 million construction loan from Bank of America and $30.7 million investment through 9 percent low-income housing tax credits. The construction loan will convert to an $8 million permanent loan from Tampa-based affordable housing mortgage lender Neighborhood Lending Partners.
Tropical Crossings will consist of 39 studios and 71 one-bedroom apartments, the release says.
Miami-Dade’s annual AMI is $89,800, according to the Florida Housing Finance Corporation. To qualify for a unit restricted for those earning 30 percent of the AMI, a one-person household must have an income below $28,620 and a two-person household’s income can’t surpass $32,700.
Units restricted to tenants earning up to 60 percent of the AMI are for one-person households earning $57,240 or two-person households under $65,400.
Miami-Dade’s housing costs skyrocketed over the past five years due to heightened demand created by out-of-staters moving here, leaving many priced out, including seniors on fixed incomes.
Across Florida, a third of renter households earn less than 50 percent of the AMI, according to the National Low Income Housing Coalition. In Miami-Dade, households need to earn almost $47 per hour to afford a market-rate two-bedroom unit.
Pinnacle, led by David Deutch and Louis Wolfson III, is a prolific affordable housing developer. In January, it scored a $68 million construction and equity financing package for the 142-unit Caribbean Isles, an affordable senior housing project, at 19755 Southwest 110th Court in an unincorporated south county area.
South Miami-Dade has become a magnet for housing developers, as the area has plenty of buildable land that’s cheaper than sites in prime city areas.
Others seizing on the area include former NBAer Alonzo Mourning’s nonprofit AM Affordable Housing and Housing Trust Group, which this month landed a $55.4 million financing package for the four-story, 115-unit Artisan Pointe complex at 26115 South Dixie Highway.
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