Miami-based Pinnacle Housing has secured $68 million in construction and equity financing for Caribbean Isles, a new 142-unit affordable senior housing community in Miami. The development, aimed at individuals aged 62 and over earning 60 percent of the area median income, is a collaboration with South Miami Heights Community Development Corp. and is slated for completion in 2027.
Key Takeaways
- $68 million in financing secured for Caribbean Isles, a 142-unit affordable senior housing project.
- Project targets seniors aged 62+ earning 60% of AMI.
- Bank of America and Chase Bank are key lenders, with Miami-Dade County also providing funds.
- Community will feature one- and two-bedroom units, along with amenities like a fitness center and computer lab.
- Located in a transit-oriented development, near public transportation and retail.
Project Details and Financing
Caribbean Isles will offer 90 one-bedroom and 52 two-bedroom residences. The project’s capital stack is a blend of tax credit equity, private loans, and public investments. Bank of America has provided a $34 million construction loan and $27.6 million in tax credit equity. Chase Bank contributed a $27 million first mortgage loan, and Miami-Dade County awarded $10 million through its Community Development Block Grant and Surtax Program.
Amenities and Location
The development will include a fitness center, a computer lab, outdoor spaces, and a club room. Recently, a 256-space parking garage was completed, with 150 spots designated for county transit riders and the remaining 106 for residents. Caribbean Isles is situated at 19755 SW 110th Court, offering convenient access to the South Dade Transitway and a Metro Express Bus Rapid Transit Service station. The Southland Mall is across the street, providing retail and dining options, with Downtown Miami approximately 23 miles away.
A Growing Portfolio
Caribbean Isles represents the second phase of a larger senior housing initiative. Pinnacle previously developed Caribbean Village on the same site in 2020, adding 123 residences for seniors earning 60 percent of AMI. Pinnacle has been active in the region, recently securing $49.9 million in financing for Old Cutler Village in Cutler, Fla., a 120-unit affordable housing community, and breaking ground on a 334-unit apartment building in Aventura, Fla.