PGIM Real Estate Finance has provided a $72 million Fannie Mae loan for the refinancing of Olympia House, a 240-unit apartment complex located in Turtle Bay.
The property was previously financed by a Fannie Mae loan originated by PGIM Real Estate Finance in 2012.
For the new 10-year, full term, interest-only financing, PGIM utilized Fannie Mae’s Streamlined Rate Lock execution to lock rates quickly to avoid potential interest rate volatility for the borrower, which is led by Isaac Hakim, Steven Elghanayan and Michael-Henry Krayem.
“This transaction presented an ideal opportunity for us to continue to finance a trophy New York City multifamily asset,” said Brian Salyards, principal, Multifamily Origination at PGIM.
“Olympia House is located at the heart of one of Manhattan’s most desirable neighborhoods and is owned by partners with more than 30 years of experience managing multifamily and commercial properties.”
Olympia House is a 21-story property situated at 279 East 44th Street. In addition to its apartments,it has five fully occupied ground-floor commercial spaces and a parking garage.