Olnick Organization Refinances Harlem Apartments for $171M

Walker & Dunlop arranged $170.5 million in permanent financing to refinance Lenox Terrace, a multifamily community at 484 Malcolm X Blvd. in Harlem. A Walker & Dunlop Capital Markets Institutional Advisory team led by Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Michael Ianno and Cody Ela arranged the balance sheet financing from Chase Commercial Bank on behalf of The Olnick Organization. The new financing is on a cash-neutral basis to retire the existing loan.

“Lenox Terrace combines a scale, location, and operating history that are difficult to replicate in Manhattan,” said Jonathan Schwartz, senior managing director and co-head of Capital Markets Institutional Advisory at Walker & Dunlop. “Against a backdrop of limited new multifamily supply in New York City, the property represents a substantial concentration of well-located, primarily rent-regulated rental housing. We’re grateful to The Olnick Organization and Chase Commercial Bank for their partnership in arranging a financing that supports the property’s long-term strategy.”

Originally developed in 1958, Lenox Terrace features 1,696 primarily rent-regulated residences across six 16-story buildings.