Pinnacle Group signs $19.5M refi loan with New York Community Bank for 258 propertiesin East New York

Pinnacle Group through the entity Meadowwood NY LLC as borrower signed a refi loan with lender New York Community Bank through the entity New York Community Bank valued at $19.5 million for 258 properties including the bulk condos (BS) at 200 Cozine Avenue in East New York, Brooklyn, bulk condos (BS) at 12421 Flatlands Avenue in East New York, Brooklyn, and bulk condos (BS) at 240 Cozine Avenue in East New York, Brooklyn.
The deal closed on December 18, 2020 and was recorded on November 4, 2021.
The 258 properties have 208,370 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $93 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 signatory for New York Community Bank was John Feijoo.

This is a mortgage modification agreement, lowering the principal amount to $19.5 million.

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