PRINCETON, FLA. — Pinnacle has secured $72.3 million in financing for the construction of Pinnacle at Tropical Pointe in the southern Miami suburb of Princeton. The Florida Housing Finance Corp., Miami-Dade County Surtax and HOME provided a blend of low-income housing tax credits to the development. Bank of America provided a $37 million construction loan and $30.6 million in tax credit equity. Citibank provided a permanent loan of $20 million. According to Pinnacle, Miami-Dade County also allocated $1 million to the project to mitigate rising construction costs.
Pinnacle at Tropical Pointe is an affordable community for tenants earning at or below 60 percent of the area median income. The property will offer 215 units across six garden-style buildings. Pinnacle at Tropical Pointe is slated for completion in late 2024.