Prudential Mortgage Capital Company provided a $71 million loan through its Fannie Mae DUS platform for Olympia House, a 22-story, mixed-use property located in midtown Manhattan. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).
The seven-year, full term interest only, fixed rate loan allows the borrower to refinance the property with cash out above the current loan amount. Built in 1964, it consists of 240 studio, one- and two-bedroom apartments, 60 of which are subject to rent stabilization, and 12,170 square feet of commercial space. Located in the Stuyvesant/Turtle Bay submarket, Olympia House is situated on East 44 th Street, across from the United Nations headquarters and two blocks from Grand Central Station. The borrower was represented by Bob Bakhchi and Jonathan Aghravi of Hybrid Capital.
“The multifamily sector continues to be a strong performer in the market, particularly in New York City. The centralized location of Olympia House combined with the ongoing demand for rental properties makes this an extremely attractive transaction,” said Evan Williams, a director with Prudential Mortgage Capital Company’s New York office, who led the transaction. “We are pleased that our partnership with Hybrid Capital helped bring this transaction to a successful close. We look forward to providing many more financings in the future.”
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $72.67 billion in assets under management and administration as of September 30, 2012. Leveraging a 135-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing programs; FHA; Conduit; Prudential’s general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $69.42 billion, as September 30, 2012. For more information, please visit http://www.prumortgagecapital.com.Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $1.005 trillion of assets under management as of September 30, 2012, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/