NEW YORK CITY-Pinnacle Group all set to loose its control over the Dunbar apartment complex in Harlem to lenders. Lehman Brothers Holdings has planned a foreclosure auction to get control of the 550-unit complex along with some smaller assets.
Pinnacle, who bought the complex from Baruch Singer in 2005 for $94 million, failed to pay off Lehman its junior debt worth $51 million that was due in September 2010. Pinnacle is still in discussion with Lehman to retain control of some of its properties.For the full story, go to Wall Street Journal.
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.