EPIC’s Elghanayan Refinances the Olympia House with $71 million
Hybrid Capital has closed a $71 million loan to refinance the Olympia House,a 240-unit, mixed-use property located at
at 279 East 44th Street, at Second Avenue, in Turtle Bay. The commercial mortgage brokerage and advisory firm acted as an exclusive advisor to Steven Elghanayan, director of EPIC.
In 2007, Axa Equitable Life Insurance provided a $65 million loan on the property, according to public records. The new loan carries a seven-year, interest-only term. The name of the lender was not disclosed.
Built in 1964, the 21-story building offers residents and tenants a 24-hour doorman, laundry facilities, a 160-space underground car park and a recently upgraded lobby, mailroom, façade and doors.
The property has 10,000 square feet of retail space with 10 commercial units looking over Second Avenue.