KISSIMMEE, FLA. — Pinnacle and Birdsong Housing Partners have jointly secured $33.9 million in financing to begin constructing Pinnacle at the Wesleyan, a 96-unit affordable housing community in Kissimmee. Pinnacle at the Wesleyan will be available to households earning up to 60 percent of the area median income (AMI). Ten percent of units will be reserved for extremely low-income residents at 33 percent AMI. The complex will offer 12 one-bedroom units, 60 two-bedroom units and 24 three-bedroom units. The developers broke ground on the project at the beginning of December. The project is slated to complete in early 2025.
Financing for Pinnacle at the Wesleyan includes $16.3 million in equity from the sale of Low Income Housing Tax Credits to Bank of America, along with a construction mortgage. Neighborhood Lending Partners will provide a permanent first mortgage along with a subordinate low-interest loan funded from the Community Development Financial Institutions fund. Osceola County provided $4.5 million in financing. The city of City of Kissimmee contributed a further $500,000. Florida Housing Corp. provided $4.3 million through the Live Local Act, which assists affordable housing development in the state of Florida.
Forum Architecture and Harris Civil Engineers led the design work on the project. Parramore Development & Construction will serve as general contractor.