PGIM Provides $72M Loan for Turtle Bay Multifamily Housing

Olympia House at 279 E. 44th St. in Turtle Bay, Manhattan

NEW YORK CITY—PGIM Real Estate Finance has loaned $72 million to EK Group for the Olympia House apartments in the Turtle Bay neighborhood of Midtown Manhattan. Located at 279 E. 44th St., between Second and Third avenues, the complex is two blocks from Grand Central Terminal.

The property was previously financed by a Fannie Mae loan originated by PGIM in 2012. The refinancing is a new 10-year, full term, interest-only loan. PGIM Real Estate Finance utilized Fannie Mae’s streamlined rate lock execution to lock rates quickly to avoid potential interest rate volatility for the borrower. The company is the commercial mortgage finance business of PGIM Inc., the $1 trillion global investment management business of Prudential Financial, Inc.