NEW YORK—Newark, N.J.-based Prudential Mortgage Capital Company has provided a $71 million loan through its Fannie Mae DUS platform for Olympia House, aproperty located in midtown Manhattan. The borrower was represented by Bob Bakhchi and Jonathan Aghravi of Hybrid Capital.
The seven-year, fixed-rate loan allows the borrower to refinance the 22-story property with cash out above the current loan amount.
Built in 1964, Olympia House includes 240 studio, one- and two-bedroom apartments and 12,170 sq. ft. of commercial space.
“Thesector continues to be a strong performer in the market, particularly in New York City,” said Evan Williams, director with Prudential Mortgage Capital Company’s New York office. “The centralized location of Olympia House combined with the ongoing demand for rental properties makes this an extremely attractive transaction.”