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

Olympia House has 244 resi units

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.

Related Articles

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Commercial loans expected to suffer because of the pandemic (Credit: iStock)

March saw fewer CMBS delinquencies. That is likely to change: Fitch

(Credit: iStock)

Thousands of CRE borrowers call on banks for debt relief

Banks, funds, mortgage REITs, and agencies like Fannie Mae and Freddie Mac have all begun adjusting their lending approach in face of the economic downturn (Credit: iStock)

These are the sectors where real estate lending is still happening: report

Angel Oak Cos. CEO Michael Fierman and Flagstar Bancorp Inc. CEO Alessandro DiNello (Credit: Angel Oak, Flagstar, iStock)

Mortgage market dries up for unconventional home loans

A WeWork office (Credit: Alex Tai/SOPA Images/LightRocket via Getty Images)

WeWork offers rent discounts as incentive to secure long-term leases

Gary Barnett, Central Park Tower, and the Tel Aviv Stock Exchange Bull (Credit: Wikipedia, iStock)

Extell’s Israeli bonds put on downgrade watch