Olnick Organization refinances Harlem's Lenox Terrace with $170.5M loan

The Olnick Organization has refinanced Lenox Terrace, a 1,696-unit apartment complex in Harlem, with $170.5 million in permanent financing. The transaction was arranged by Walker & Dunlop, with Chase Commercial Bank providing the balance-sheet loan.

The financing is structured as a cash-neutral transaction intended to retire the property’s existing mortgage from Capital One rather than generating a cash-out distribution. The complex, located at 484 Malcolm X Boulevard, consists of six 16-story buildings originally developed in 1958.

Approximately 80 percent of the apartments are rent-stabilized. The refinancing is noted for its scale within the rent-regulated multifamily sector, a market currently facing challenges from high interest rates, rising insurance costs, and operating expenses. While previous attempts by the developer to expand the site with additional units were rejected by the City Council in 2020, the current transaction focuses on the existing campus.