Developers took a major step toward constructing a 120-unit affordable housing community near Miami.
Pinnacle announced it has secured $49.9 million in financing to begin building Old Cutler Village Phase 2 in unincorporated Miami-Dade County.
The property will feature a five-story building with one- to three-bedroom apartments serving individuals and families earning 30%, 60%, and 70% of the area median income.
“Old Cutler Village Phase 2 comes at a critical time when the need for quality affordable housing in South Florida has reached an all-time high, with our workforce being priced out of the very communities they serve,” said David O. Deutch, partner at Pinnacle.
The development will have a community room, a cyber lounge, and a state-of-the-art fitness center.
Financing for the $49.9 million development includes $32.2 million in low-income housing tax credit equity from Bank of America; a $9.1 million conventional first mortgage loan from Berkadia and Freddie Mac; a subordinate $6 million surtax loan from Miami-Dade County; and developer equity.
