MAG Partners, Safanad Close on Goldman Sachs Bridge Loan for Chelsea Residential
MAG Partners and Safanad have closed on a $148,700,000 bridge loan from Real Estate at Goldman Sachs Alternatives, refinancing the construction loan for Mabel, the newly completed mixed-income residential building located at 335 Eighth Ave. in Manhattan’s Chelsea neighborhood. The loan was arranged by JLL’s Jillian Mariutti, Geoff Goldstein, Stephen Van Leer and Rob Hinckley. Managing principal and CIO Jeff Rosen led the effort for MAG Partners.
The refi follows the delivery and lease-up of the 188-unit building, now fully leased less than a year after completion. Mabel features a mix of market-rate and affordable residences developed under the Affordable NY Program, with 30% of units reserved for low- and middle-income New Yorkers.
“The closing of this financing is a significant milestone for Mabel and a testament to the strength of the asset we’ve delivered,” said Rosen. “The exceptional leasing performance validates the quality of the product, and we’re pleased to partner with Goldman Sachs and Safanad as we move forward.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout