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.


Related Articles

arrow_forward_ios
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

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

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Nightingale, Wafra seek $860M to redevelop 111 Wall Street
(iStock)

Banks see CRE loans delinquencies hit 5-year high

Banks see CRE loans delinquencies hit 5-year high
30-77 Vernon Boulevard in Queens and Cape Advisors CEO Craig Wood (left) and 720 West End Avenue in Manhattan with Brack Capital Real Estate CEO Ariel Podrojski (right) (Images via Cape Advisors; Google Maps; LinkedIn)

The biggest loans of the slowest month: August’s real estate lending

The biggest loans of the slowest month: August’s real estate lending
FHFA Director Mark Calabria and PIMCO CEO Emmanuel Roman (Getty, iStock)

PIMCO warns of danger in Fannie, Freddie privatization

PIMCO warns of danger in Fannie, Freddie privatization
Assembly member Harvey Epstein and State Sen. Julia Salazar (Getty)

New York preferred equity investors face tax hike

New York preferred equity investors face tax hike
Jared Kushner and Cadre CEO Ryan Williams (Getty, iStock)

Jared Kushner’s plan to unload Cadre stake shelved by pandemic

Jared Kushner’s plan to unload Cadre stake shelved by pandemic
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...