Pinnacle Group signs $18.5M in refis with New York Community Bank for rentals in Flatbush

The Pinnacle Group signed $18.5 million in refi loans with New York Community Bank for rental in Flatbush in three separate transactions.

In the first, Pinnacle Group through the entity 2102 Realty LLC as borrower signed a refi loan with lender New York Community Bank valued at $6.6 million for the 75-unit rental (D1) at 2102 Beverley Road in Flatbush, Brooklyn.
The deal closed on September 15, 2021 and was recorded on September 23, 2021.
The property has 62,272 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $105 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on January 12, 2006, for $6.4 million.
The signatory for Pinnacle Group was Joel Wiener.

The owner according to the Department of Housing Preservation and Development is Marc Barron, head officer. The business entity is 2102 Realty Llc.

Direct link to Acris document. link

In the second, Pinnacle Group through the entity 405 Realty LLC as borrower signed a refi loan with lender New York Community Bank valued at $6.4 million for the 62-unit rental (D1) at 405 East 16th Street in Flatbush, Brooklyn.
The deal closed on September 15, 2021 and was recorded on September 23, 2021.
The property has 51,176 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $125 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on January 12, 2006, for $5 million.
The signatory for Pinnacle Group was Joel Wiener.

The owner according to the Department of Housing Preservation and Development is Marc Barron, head officer. The business entity is 405 Realty Llc.

Direct link to Acris document. link

In the third, Pinnacle Group through the entity 18 Street Realty Co., LLC as borrower signed a refi loan with lender New York Community Bank valued at $5.5 million for the 83-unit rental (D1) at 240 East 18th Street in Flatbush, Brooklyn.
The deal closed on September 15, 2021 and was recorded on September 23, 2021.
The property has 61,743 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $89 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Pinnacle Group was Joel Wiener.

The owner according to the Department of Housing Preservation and Development is Marc Barron, head officer. The business entity is 18 Street Realty Co Llc.
Within a 400-foot radius of 240 East 18th Street, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $16.4 million. The most recent of the two was Parkoff Organization which borrowed $7.0 million from Parlyn Realty LLC secured by the 46,188-square-foot, 48-unit rental (D1) on 258 East 18th Street on December 3, 2020.

Direct link to Acris document. link