Pinnacle 441 Update 09/06/23

Pinnacle Acquires $47.8 Million in Financing for Phase II of Pinnacle 441



Developer Pinnacle has obtained $47.8 million in financing for the second phase of affordable housing development Pinnacle 441 in Hollywood, Florida. The first phase, which broke ground in August 2022, will offer 110 affordable housing units and three market rate apartments along with 6,760 square feet of retail space. The community will include one-, two- and three-bedroom units. Phase II will consist of an additional 100 apartment units. Construction on Phase II is expected to be complete in Q4 2024. The funding came from tax-exempt bonds issued by Broward County Housing Finance Authority, permanent funding from Citibank, a construction loan from Bank of America, $10 million in gap financing from Broward County, $6.6 million from Florida Housing Finance Corp., and $1 million from the City of Hollywood.

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