The Real Deal New York

Pinnacle Group lands $66M loan for UWS apartment complex

The financing came from lenders represented by Tel Aviv-based Mishmeret Trust Company
By Christian Bautista | July 10, 2018 01:20PM

323 West 96th Street (Credit: Google Maps)

Joel Wiener’s Pinnacle Group landed a $66 million loan for an Upper West Side residential complex.

The property, at 323 West 96th Street, is a 15-story rental building between West End Avenue and Riverside Drive. The 134,000-square-foot property, called Hudson Park Luxury Rentals, contains 172 apartments and one commercial unit, according to city data.

The loan covers Pinnacle Group’s ground lease and 50 percent fee interest in the property, according to city Department of Finance records. The company, which trades in the Tel Aviv Stock Exchange under the name Zarasai Group, commissioned an appraisal of the fee interest and the ground lease last May for its Tel Aviv stock offering, according to documents filed with the index. The appraisal, conducted by BBG, valued the leasehold interest at $69.3 million and the fee interest at $33.8 million. The full appraisal of the property was at $139.6 million.

The financing came from lenders represented by Tel Aviv-based Mishmeret Trust Company, property records show. The loan package includes a $20.4 million gap mortgage.

Last November, Pinnacle Group raised $271 million in an institutional tender in the Tel Aviv Stock Exchange. According to documents filed with TASE at the time, Pinnacle’s portfolio is composed of 9,185 units with an occupancy rate of 97 percent.

Wiener, who landed on Bloomberg’s billionaires list in November, did not immediately respond to a request for comment.