HOLLYWOOD, FLA. — Pinnacle has secured $47.8 million in financing to build the second phase of Pinnacle 441, an affordable housing community in Hollywood. The first phase of the project comprises 113 affordable units and 8,000 square feet of commercial space.
Phase two of Pinnacle 441 will rise eight stories on a 1.7-acre site just west of the first phase. The development will offer 100 one-, two- and three-bedroom units that will be affordable to tenants earning up to 60 percent of the area median income. Construction will begin in September and is slated to complete in January 2025.
Funding for the project includes tax credit equity financing from Bank of America, tax-exempt bonds issued by Broward County Housing Finance Authority, construction financing from Bank of America, permanent financing from Citibank, $10 million in gap financing from Broward County, $1 million in financing from the City of Hollywood and $6.6 million in loans from the Florida Housing Finance Corp.