Walker & Dunlop has arranged a $170.5 million permanent loan to refinance Lenox Terrace, a multifamily community located at 484 Malcolm X Blvd. in Harlem. The loan provides new balance sheet financing for the Harlem property on behalf of The Olnick Organization and replaces the existing debt on a cash-neutral basis.
The financing was arranged by Walker & Dunlop’s Capital Markets Institutional Advisory group. The team was led by Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Michael Ianno and Cody Ela. Chase Commercial Bank provided the balance sheet financing for the property.
Jonathan Schwartz, senior managing director and co-head of Capital Markets Institutional Advisory at Walker & Dunlop, noted that Lenox Terrace offers a combination of scale, location and operating history that is unusual in Manhattan. He pointed to the limited pipeline of new multifamily development in New York City, emphasizing that Lenox Terrace represents a significant cluster of well-located, primarily rent-regulated apartments in the Harlem neighborhood.
Schwartz also highlighted the collaboration between Walker & Dunlop, The Olnick Organization and Chase Commercial Bank in structuring financing aligned with the property’s long-term strategy. The transaction is positioned to support the ownership’s ongoing plans for the community while maintaining stability in the capital stack through the cash-neutral refinancing structure.
Lenox Terrace was originally developed in 1958 and has become a long-standing residential presence in Harlem. The community comprises 1,696 primarily rent-regulated rental residences distributed across six 16-story residential buildings. This concentration of regulated housing underscores the property’s role in New York City’s broader rental housing stock.
The refinancing underscores continued lender interest in stabilized multifamily assets in core New York City locations, even as new multifamily supply remains constrained. For The Olnick Organization, the new permanent financing provides an opportunity to retire prior debt while maintaining long-term control of a large, rent-regulated portfolio asset in Harlem.
