Pinnacle Group Secures $66M Loan for UWS Apartment Building
Pryor Cashman client Pinnacle Group has secured a $66 million loan for an Upper West Side luxury residential apartment building. The 134,000-square-foot property, known as Hudson Park Luxury Rentals, is located at 323 West 96th Street and contains more than 170 apartments and one commercial unit.
The loan covers Pinnacle Group’s ground lease and 50 percent fee interest in the property.
Ronald B. Kremnitzer, Co-Chair of Pryor Cashman’s Real Estate Group, and Partner Samson R. Bechhofer advised Pinnacle Group on the transaction, which closed on June 27, 2018.
News of the deal was reported by The Real Deal, among other outlets.
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Pryor Cashman’s nationally-recognized Real Estate Group provides end-to-end counsel to clients buying, selling, developing, leasing and investing in properties in New York City and across the U.S. With decades of experience representing every type of stakeholder in the real estate market, we handle a vast and diverse range of transactions – and know how to creatively structure and efficiently close virtually any deal.
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