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Community members report Pinnacle mortgage default and building decline at 2280–2300 Olinville
Summary
Residents and a community association attendee told the Housing & Land Use Committee the owner, Pinnacle, reportedly defaulted on a $33 million mortgage covering two large Olinville buildings, and tenants have reported declining maintenance; the group is urging 311 documentation and plans to seek a meeting with the landlord.
Community members told the Housing and Land Use Committee on Nov. 18 that tenants at 2280 and 2300 Olinville have experienced worsening maintenance and long vacancies as the owner, Pinnacle, faces financial difficulty.
An attendee (Speaker 3) summarized a Cranes article that said Pinnacle had defaulted on a $33,000,000 mortgage covering the paired properties. “Pinnacle … defaulted on a $33,000,000 mortgage on the 2 buildings,” the attendee reported to the…
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