The Olnick Organization Obtains $171M Refi in Harlem
It's Olnick's oldest project, originally developed in the 1950s.
The Olnick Organization has received $170.5 million in permanent financing for Lenox Terrace, a 1,696-unit multifamily community in Harlem, N.Y. Walker & Dunlop arranged the financing from Chase Commercial Bank.
The funds will be used to retire an existing loan from Capital One. Public records show the company provided previous financing for Lenox Terrace in 2016.
Walker & Dunlop’s Capital Markets Institutional Advisory team included Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Michael Ianno and Cody Ela. The team acted as exclusive advisor to Olnick.
A long-standing Harlem property
Lenox Terrace represents Olnick’s oldest development and is Harlem’s first luxury apartment community, according to the developer. The company built the community in 1958.
Across the community, residents have access to green space, a dog park and playground as well as on-site parking. The development consists primarily of rent-regulated residences across six 16-story buildings.
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Olnick also previously pursued a major expansion of the community. Plans reported in 2018 called for more than 1,600 additional apartments along with new retail, community space and parking.
By 2020, the plan had evolved to include five 28-story buildings and 400 to 500 affordable units. The City Council Subcommittee on Zoning and Franchises unanimously rejected the rezoning application that year, due to concerns over the proposed buildings’ height, density and potential impacts on the surrounding community.
Located at 484 Malcolm X Boulevard, Lenox Terrace is in proximity to the 135th Street subway station with access to the 2 and 3 lines. The Harlem 125th Station with Metro-North access is a 15-minute walk away.
In July, Mass Development received a $45 million senior construction loan from Scale Lending this past for a ground-up condo development that will bring 72 units to Harlem. The development will come online in the summer of 2028.
At the start of the year, a joint venture between Rose Associates and Battery Global Advisors refinanced Alexander Crossing, a 440-unit Class A multifamily property located in downtown Yonkers, N.Y. Walker & Dunlop arranged a $116 million loan from Fannie Mae.
