Old Cutler Village Phase 2 Update 06/21/24

Pinnacle Secures $49.9 Million For Affordable Housing Development In South Miami-Dade County

 

The new community will feature a five-story midrise building offering a range of floor plans, from 1-bedroom to 3-bedroom apartments. Residents will enjoy amenities such as a community room, a cyber lounge, and a state-of-the-art fitness center, showcasing Pinnacle’s commitment to resident wellness. The development will serve families and individuals earning 30%, 60%, and 70% of the area median income (AMI). Old Cutler Village Phase 2 is located at 10455 Old Cutler Road in unincorporated southern Miami-Dade County. Construction is expected to be completed in October 2025.

 

“Old Cutler Village Phase 2 comes at a critical time when the need for quality affordable housing in South Florida has reached an all-time high, with our workforce being priced out of the very communities they serve,” said David O. Deutch, Partner at Pinnacle.

 

Financing for the $49.9 million development includes a $32.2 million tax credit equity from Bank of America; a $9.1 million conventional first mortgage loan from Berkadia/Freddie Mac; a subordinate $6 million Surtax loan from Miami-Dade County; and the balance with developer equity.

 

“We are grateful to our funding partners, including Bank of America, Miami-Dade County, and Berkadia/Freddie Mac, for their crucial role in financing this development and their significant contributions toward providing much-needed affordable housing,” Mr. Deutch said. “We could not have done it without them.”

 

According to the Harvard Joint Center for Housing Studies, Florida is one of the top three states with the most unaffordable housing opportunities. In fact, between 50 and 58 percent of renters in Florida are cost-burdened, meaning they spend more than 30 percent of their income paying rent and utility bills.

 

Old Cutler Village Phase 2 represents an important step forward in addressing the housing affordability crisis in Miami-Dade, one of the hardest-hit areas in the country. This development underscores Pinnacle’s commitment to providing the communities it serves with access to high-quality affordable housing.

 

 

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