$108M in pre-foreclosure actions allege Bronx Pinnacle Group loans in default

A securitized loan trust as lender, through its trustee, the Wilmington Trust, filed a $108 million pre-foreclosure action alleging five loans secured by Bronx multifamily buildings with approximately 1,248 residential units owned by Joel Wiener’s Pinnacle Group, were in default.

Capital One originated the loans in 2021, as PincusCo reported at the time.

The trust filed the action yesterday in federal court, in the Southern District of New York.
Case Series 2021-KF1 LINK

Complaint $108M Pinnacle Group pdf

This pre-foreclosure action follows a larger one, Flagstar Bank’s filings in March 2025 totaling more than $600 million in original loans, as PincusCo first reported. That led Pinnacle Group to place dozens of properties into bankruptcy protection in May 2025.

The five properties related to the new filing are:

The elevator building at 1848 Bruckner Boulevard with a $43.5 million loan has 459 residential units in Soundview and has 490,000 square feet of built space and 61,322 square feet of additional air rights for a total buildable of 551,901 square feet according to a PincusCo analysis of city data.
Direct link to the property’s ACRIS page

The elevator building at 3424 Kingsbridge Avenue, with a $16 million loan, has 138 residential units in Kingsbridge and has 128,500 square feet of built space and 14,731 square feet of additional air rights for a total buildable of 143,187 square feet according to a PincusCo analysis of city data.
Direct link to the property’s ACRIS page

The elevator building at 3425 Kingsbridge Avenue, with a $6 million loan, has 56 residential units in Kingsbridge and has 69,595 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 100 feet deep with a total lot size of 25,605 square feet.
Direct link to the property’s ACRIS page

The elevator building at 2440 Olinville Avenue, with a $9.5 million loan, has 83 residential units in Allerton and has 95,700 square feet of built space and 7,650 square feet of additional air rights for a total buildable of 103,275 square feet according to a PincusCo analysis of city data
Direct link to the property’s ACRIS page

The elevator building at 2280 Olinville Avenue with a $33 million loan, has 512 residential units in Allerton and has 255,000 square feet of built space and 425,600 square feet of additional air rights for a total buildable of 680,400 square feet according to a PincusCo analysis of city data.
Direct link to the property’s ACRIS page