Miami based real estate developer Timothy Wheat and his company, Pinnacle at the Wesleyan, LLC or Pinnacle Housing is the driving force behind the Affordable Housing Community close to Shingle Creek Trail in Osceola County. The Price Tag is $34 million for this 6 plus acre development with 96 units for low income families.
Pinnacle bought the 6 acre land according to a 3rd party press release for close to $2 million in 2021 after securing competitive Low Income Housing Tax Credits from the Florida Housing Finance Corp.
The project was moved forward with the help of gap financing in order to cover rising construction costs for this development.
above :NHAB – Rising Construction Cost
The construction part or GC work on this project is being done by a subsidiary of Birdsong Housing Partners. Forum Architecture is the design and architecture partner.
From County, SAIL to Live Local Acts Funding – The Lending and Funding of the Pinnacle at the Wesleyan Development
Bank of America is the primary lender for this project according to a report from the GrowthSpotter Dated Dec 4, “Pinnacle scores $33.9 million in financing..” They have purchased tax credits for $16.3 million in equity. Timothy Wheat of Pinnacle said the non-profit Neighborhood Lending Partners loaned their company another $5.18 million plus an $5000,000 CFFI at 2 % interest.
Osceola County provided $4.5 million in financing, and the City of Kissimmee kicked in another $500,000.
The Florida Housing Finance Corp. also stepped in with another $4.3 million balloon mortgage from the new funding source created to pay for rising constructions costs.
According to an article from the Orlando Sentinel from Nov 13, the project as reported is also being funded by a $500.00 loan from the city of Kissimmee, which approved it in June, low-income housing tax credits from the Florida Housing Finance Corp:, and $4.3 million from the Live Local Act Funds according to Nov 13 board of county commission notes.
The Florida Housing created what’s called a viability loan program to supplement construction cost increases Tim Wheat of Pinnacle said. “It’s treated like a SAIL loan“.
More Insight into the Pinnacle at Wesleayan Project at Shingle Creek Trail
Pinnacle at the Wesleyan will be available to tenants earning 60 of the area median income, and 10 % of the units will be reserved for very-low income residents who earn no more than 30 % of the Area Median Income (AMI).
The apartment complex will consist of a dozen one-bedroom units, 60 two-bedroom units and 24 three-bedroom units. “These are 3-story, garden apartments with hard surface flooring, European style cabinets, energy efficient – the will be Green Building certified, “Pinnacle stated.
References and Links:
- Florida Predevelopment Loan Program
- Florida Hud Program
- Osceola Meeting Nov 13 ,2023
- Gap Funding Commitment
- Loan Agreement Between Osceola County and Pinnacle at the Wesleayn, LLC
- Fourth Mortgage (Pinnacle at the Wesleyan)
- GrowthSpotter article
- Orlando Sentinel article
- GC Parramore Development (subsidiary of Birdsong)
