Pinnacle has secured $41 million in financing to develop a 110-unit affordable housing community for seniors in Florida’s Miami-Dade County.
Pinnacle at Tropical Crossings will feature 39 studio and 71 one-bedroom apartments reserved exclusively for residents 62 and older, with 11 units reserved for households earning up to 30% of the area median income (AMI) and 99 apartments serving households earning up to 60% of the AMI.
"In South Florida, too many older adults are struggling to keep pace with rising housing Pinnacle at Tropical Crossings in Miami-Dade County (2026) costs while living on fixed incomes," said David O. Deutch, president at Pinnacle. "Pinnacle at Tropical Crossings will provide quality affordable housing that allows seniors to remain independent, connected, and rooted in the communities where they have built their lives.”
The development will include a spacious community room for social gatherings, a cyber lounge, a fitness center, and a dog walking area.
Team leaders finalized a $28 million construction loan from Bank of America, which will convert to an $8 million permanent loan from Neighborhood Lending Partners upon stabilization. The capital stack also includes a $30.7 million investment through 9% low-income housing tax credit equity from Bank of America.
Pinnacle at Tropical Crossings was awarded housing credits through the Florida Housing Finance Corp.'s 2025 application process.