MAG Partners Refinances Chelsea Mabel With $148.7M

MAG Partners’ MaryAnne Gilmartin refinanced a newly completed Chelsea residential project at 355 Eighth Avenue using a $148.7 million bridge loan from Goldman Sachs Alternatives. The 188-unit development was completed within the last year and is already approaching full occupancy.

JLL arranged the financing, with the sponsor citing strong leasing out of the gate, a high-quality mixed-income program, and a track record of execution. The CookFox-designed building includes 25,000 square feet of amenities and 23,000 square feet of ground-floor retail leased to Lidl, expected to open in the fall.