Pinnacle Group gets $10.4M condo inventory loan from Axos Bank for unsold Flushing units

Joel Wiener’s Pinnacle Group through the entity Sanford Avenue Realty Co., LLC as borrower signed a loan agreement with lender Axos Bank valued at $10.4 million for 86 parcels, including the tax class high-rise condominium apartment/elevated, residential unit (R4) at 132-35 Sanford Avenue in Flushing. The building has a total of 200 residential units. The deal closed on December 30, 2020 and was recorded on January 15, 2021.
The property contains a total of 734 square feet of built space.
The average loan per unit is $121,279.
This is a condo inventory loan. The original debt for the condo development was releaed in 2014.
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