Pinnacle Group signs $9.5M refi with Capital One for rental in Bronxdale

Pinnacle Group through the entity Olinville Realty LLC as borrower signed a refi loan with lender Capital One valued at $9.5 million for the 83-unit rental (D1) at 2440 Olinville Avenue in Bronxdale, Bronx.
The deal closed on May 20, 2021 and was recorded on June 24, 2021.
The property has 95,700 square feet of built space and 7,650 square feet of additional air rights for a total buildable of 103,275 square feet according to PincusCo analysis of city data. The loan price per built square foot is $98 and the price per buildable square foot is $91 per the PincusCo analysis.
The signatory for Pinnacle Group was Joel Wiener.

Joel Wiener is the CEO of Pinnacle Group.
The owner according to the Department of Housing Preservation and Development is David Radoncic, head officer. The business entity is Olinville Realty LLC.
Within a 400-foot radius of 2440 Olinville Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit application filed on June 8, 2020 for a 26,279-square-foot residential (R-2) building with 38 residential units residential units at 2423 Barker Avenue.

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