Pinnacle Group borrows $35M from Axos Bank for property in Hudson Yards

Pinnacle Group through the entity Hudson Meyer LLC as borrower signed a loan agreement with lender Axos Bank valued at $35 million for 5 parcels, including the tax class land not zoned residential or Manhattan below 110th Street (V1) and containing 16 residential units at 485 9th AVENUE, 489 9 AVENUE, 501 9th Avenue in Hudson Yards. The deal closed on January 6, 2021 and was recorded on January 25, 2021.
The property contains a total of 0 square feet of built space. The property has 11,250 square feet of available development rights.
The average loan per unit is $2,187,500.
The debt was reduced from $42 million given by Bank OZK to $35 million given by Axos.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.

There have been 2 demolition projects filed over the past five years. The demolition included 24 residential units.

Direct link to Acris document. link
The signatory for the buyer or lender was Marion Bahner