<\/p>\n
Pinnacle at Cypress Phase I will combine senior housing with ground-floor commercial space in Broward County.<\/p>\n
RENDERING PROVIDED BY PINNACLE<\/p>\n
FORT LAUDERDALE \u2014 Pinnacle has secured $40.2 million in financing to develop Pinnacle at Cypress, a two-phase affordable senior housing project in Fort Lauderdale, Broward County.<\/p>\n
The financing closed Aug. 28 and supports Pinnacle at Cypress Phase I, the first stage of the development. Phase I will combine senior housing with ground-floor commercial space, according to the company.<\/p>\n
Phase I is planned for 6520 North Andrews Ave. The project will include 100 one-bedroom apartments and 6,525 square feet of ground-floor commercial space.<\/p>\n
\u201cThis is not only affecting working families, but also seniors who have spent decades contributing to our communities and now face rising housing costs on fixed incomes,\u201d said Timothy Wheat, partner at Pinnacle. \u201cPinnacle at Cypress will provide quality, affordable housing that allows older adults to remain independent, connected and rooted in the communities they call home.\u201d<\/p>\n
Phase II is also planned to include 100 senior housing units, with studio and one-bedroom apartments, the company said. Phase II is expected to break ground in spring 2027.<\/p>\n
Pinnacle said the $40.2 million financing includes about $38.7 million in primary funding sources plus a $1.53 million deferred developer fee from Pinnacle.<\/p>\n
The financing package includes $20.0 million in tax-exempt bond construction financing provided by Bank of America and JPMorgan Chase, which will convert to $5.2 million in permanent financing from Chase after stabilization, the company said.<\/p>\n
Additional financing includes a $16.95 million 4% Low-Income Housing Tax Credit equity investment from Bank of America, a $10.5 million State Apartment Incentive Loan from the Florida Housing Finance Corporation, a $1.437 million HOME-ARP loan from the same agency, a $4.5 million Broward County Gap Loan and a $115,000 Broward County SHIP loan.<\/p>\n
\u201cWe are grateful to our funding partners and the many organizations that helped make this development possible,\u201d Wheat said. \u201cTheir support is helping create housing opportunities for seniors who need them most and expanding the supply of affordable housing in Broward County.\u201d<\/p>\n
The company said Phase I will include a community room, cyber lounge, fitness center and dog walk area. Pinnacle at Cypress is designed for seniors earning 22%, 33% and 60% of area median income.<\/p>\n
The announcement cited a shortage of affordable housing in Florida, saying the state has 26 affordable and available rental homes for every 100 extremely low-income households and needs about 425,000 additional affordable homes to meet demand, according to the National Low Income Housing Coalition\u2019s 2026 Florida Housing Profile.<\/p>\n
Pinnacle said the development is intended to address the long-term housing needs of Broward County\u2019s growing senior population.<\/p>\n","protected":false},"excerpt":{"rendered":"Pinnacle at Cypress Phase I will combine senior housing with ground-floor commercial space in Broward County. RENDERING PROVIDED…\n","protected":false},"author":2,"featured_media":397624,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[1571,506,101243,740,158467,741,28,249,251,250,26686],"class_list":["post-397623","post","type-post","status-publish","format-standard","has-post-thumbnail","category-fort-lauderdale","tag-affordable-housing","tag-broward-county","tag-economies","tag-economy","tag-economy-of-the-united-states","tag-finance","tag-florida","tag-fort-lauderdale","tag-fort-lauderdale-headlines","tag-fort-lauderdale-news","tag-private-sector"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/397623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=397623"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/397623\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/397624"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=397623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=397623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=397623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}