May 14, 2019
PGIM Real Estate Finance has provided a $72-million Fannie Mae loan to refinance EK Group’s Olympia House, a 21-story, 240-unit apartment complex at 279 E. 44th St. in Midtown’s Turtle Bay neighborhood. The property was previously financed by a Fannie Mae loan that PGIM RE Finance originated in 2012.
For this new 10-year, full term, interest-only financing, the company utilized Fannie’s Streamlined Rate Lock execution to lock rates quickly and 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 PGIM RE Finance’s Brian Salyards. “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.”
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