Hakim, Elghanayan land $72M refi for Turtle Bay rental building

Olympia House has 244 resi units

TRD NEW YORK /
Apr.April 02, 2019 04:00 PM
Olympia House at 279 East 44th Street and EPIC founder Steven Elghanayan (Credit: EPIC)

Olympia House at 279 East 44th Street and EPIC founder Steven Elghanayan (Credit: EPIC)

Steven Elghanayan and Isaac Hakim secured a $72 million refinancing for the 240-unit Olympia House in Turtle Bay, according to sources with knowledge of the deal.

Isaac Hakim

Isaac Hakim

PGIM Real Estate Finance provided the interest-only Fannie Mae loan, which has a term of 10 years, a representative from the owner entity Olympia House Delaware LP said. Brian Salyards, principal of multifamily originations at PGIM REF, was the loan originator.

“This was an opportune time to refinance as rates are low,” Hakim said.

Elghanayan, who co-founded EPIC, did not immediately return a request for comment.

PGIM REF also previously refinanced the property in 2012, with a $71 million Fannie Mae loan, public records show. The lender also didn’t respond to a request for comment.

The 21-story rental property, which sits at 279 East 44th Street along the corner of Second Avenue, also has commercial space and a parking garage.


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