Pinnacle Group borrows $8M from New York Community Bank for multifamily property in Washington Heights

Pinnacle Group through the entity 281/295 Wadsworth Associates, LLC as borrower signed a loan agreement with lender New York Community Bank valued at $7.5 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 84 residential units at 281 Wadsworth Avenue in Washington Heights. The deal closed on May 8, 2020 and was recorded on May 18, 2020.
The property contains a total of 70,310 square feet of built space.
The average loan per unit is $89,286.
The debt was increased from the prior level of $6.775 million.

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