PGIM Provides $72M Loan for Turtle Bay Multifamily Housing
The EK Group refinanced its Olympia House apartments in Midtown 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.
Michael-Henry Krayem, a partner at EK Group, notes his company is looking to grow its multifamily portfolio in the US. He adds that his company’s renewed partnership with PGIM “represents a significant milestone for the development of Olympia House, together with a reaffirmation of our commitment to core U.S. real estate markets over the next 10 years and beyond.”
Krayem and Isaac Hakim and Steven Elghanayan secured the financing.
“This transaction presented an ideal opportunity for us to continue to finance a trophy New York City multifamily asset,” says Brian Salyards, principal, multifamily origination at PGIM Real Estate Finance. “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.”
Built in 1964, the Olympia House is a 21-floor, multifamily building with 244 units and 12,170 square feet of street retail, according to Real Capital Analytics.
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