By Holly Dutton
Hybrid Capital has closed a $71 million loan to refinance The Olympia House, a luxury apartment building in Turtle Bay.
The loan, arranged by Hybrid Capital as exclusive advisor to co-owner Steven Elghanayan, principal of EPIC LLC, carries a seven-year, interest-only term, said CEO Bobby Bakhchi.
“When you have a great family asset in midtown, they’re very high-demand and sought after,” said Bakhchi, who financed the loan through Fannie Mae. “It wasn’t as challenging as some of our other deals because it’s a terrific asset.”
The 240-unit mixed-use property at 279 East 44th Street was previously financed under a $60 million Axa Equitable Life Insurance loan arranged in 2007, according to public records.
Isaac Hakim, president of Ike Management and Development, and one of Olympia House’s owners, has been running and managing the property since 1981.
“We were looking to take advantage of the rates that are out there and at the same time get a little liquid because there are some opportunities coming up,” said Hakim, adding that he and Elghanayan are actively looking for residential and “conversion-type” deals.
