Pinnacle Closes on $68M Loan for Miami Sr. Affordable Housing Project

Pinnacle Housing obtained $68 million in construction and equity financing for Caribbean Isles, a 142-unit affordable senior housing project in Miami. The future community will have residences designated for individuals ages 62 and over, earning 60 percent of the area’s median income. Multihousing News reports Pinnacle is developing the project with South Miami Heights Community Development Corp. Caribbean Isles, at 19755 SW 110th Court in Miami, is expected to finish construction in 2027.

As is often the case with affordable senior housing, the financing scheme is not simple. The project’s capital stack combines tax credit equity, private loans and public investments. Participants include Bank of America, which provided a $34 million construction loan and $27.6 million in tax credit equity. Others include Chase Bank and Miami-Dade County.

Plans for Caribbean Isles call for 90 one-bedroom and 52 two-bedroom floorplans with an average asking rent of $2,056. Amenities will include a fitness center, a computer lab, outdoor areas and a club room.