LYNN HAVEN, FL - Work is complete and a Grand Opening is planned for commemorating new affordable housing for Bay County's growing workforce. The 92-unit "Pinnacle at Hammock Crossings" rental community in Lynn Haven, Florida will celebrate its Grand Opening on July 11, 2018. This community concludes a multi-phase plan to develop high-quality affordable rental housing by Pinnacle Housing Group within the Market Shops mixed-use development in the City of Lynn Haven. Pinnacle at Hammock Crossings is located west of SR 77, adjacent to employment, services and schools.
This is the third Pinnacle Housing Group development in the City of Lynn Haven, following upon the success of the 132-unit Pinnacle at Hammock Place community in 2005, and the 100 unit Pinnacle at Hammock Square development that opened in 2011. "We have enjoyed great success in Lynn Haven resulting from tremendous demand and strong community partnerships," noted Timothy P. Wheat, Pinnacle's Regional Vice President. "Pinnacle at Hammock Crossings combines the best of prior developments with our latest brand innovations and green features," Wheat indicated.
Pinnacle at Hammock Crossings benefits from public/private financing partnerships through the allocation of Housing Tax Credits from Florida Housing Finance Corporation, the purchase of those tax credits and a first mortgage loan from Wells Fargo Bank, and a $3,003,800 SAIL loan from Florida Housing. "Pinnacle's products address Florida's critical need for affordable housing in an effective, efficient way," says Pinnacle partner Louis Wolfson, III. "With Bay County's explosive economic growth, rising costs and escalating demand, attainable housing is more important than ever," Wolfson added.
Pinnacle at Hammock Crossings' total development cost is $16.4 million, and offers 1, 2 and 3 bedroom rental units affordable for those at 60% of Bay County's median income with rents ranging from $474-$986.
Miami-based Pinnacle Housing Group is a full-service real estate development company that develops, builds, leases and owns affordably-priced and luxury-styled apartment homes. With a development portfolio surpassing 8,000 units concentrated in Florida, Mississippi and Texas, the Pinnacle family of developers has grown into one of the most successful developers of quality rental housing in the United States.
Source: Pinnacle Housing Group / #Affordable #Housing