Pinnacle Group borrows $39M from Axos Bank for unsold condo units in Manhattan

Pinnacle Group through the entity 660 Realty Co. LLC as borrower signed a loan agreement with lender Axos Bank valued at $39 million for 330 parcels, including the tax class high-rise condominium apartment/elevated, residential unit (R4) and containing 330 residential units at 680 Riverside Drive, 690 Riverside Drive, 750 Riverside Drive, 812 Riverside Drive, 690 Riverside Drive, and others in Manhattan. The deal closed on June 25, 2020 and was recorded on March 2, 2021.

The average loan per unit is $118,182.
The Pinnacle Group bought a 60% interest in the unsold condos from the Praedium Group in 2017 for $37.15 million. The entire $39 million was new debt.
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