SMBC, Oaktree Refi Chelsea Project With $211M Loan

MaryAnne Gilmartin’s MAG Partners has sealed a $210.8 million loan to refinance a residential development in Manhattan’s West Chelsea neighborhood, Commercial Observer can first report. Sumitomo Mitsui Banking Corporation (SMBC) supplied a senior loan, while funds managed by Oaktree Capital Management provided mezzanine debt for MAG Partners’ 2023-built complex known as the Ruby, sources familiar with the deal told CO. MAG sponsors the project as part of a joint venture with Safanad, Blue Owl Capital and Qualitas.

The floating-rate transaction retires debt from a $196 million refi provided by Tyko Capital for the 480-unit mixed-income multifamily development while positioning it for long-term stability, according to MAG. CBRE negotiated the financing with a team consisting of Tom Rugg, Tom Traynor, Peter Griesinger, Arman Samouk and Kayla Kaloostian.

Located at 243 West 28th Street across from the Fashion Institute of Technology between Seventh and Eighth Avenues, the Ruby comprises two residential towers with 30 percent of the units designated as affordable housing. The property also houses 8,500 square feet of ground- floor retail with tenants that include Urbana Café & Gallery, Pet Evolution and wellness company Saint.

Jeff Rosen, managing principal and chief investment officer at MAG Partners, said the deal generated robust lender demand, with a number of debt funds and life insurance companies bidding. “This refinancing reflects the continued strength of the New York City multifamily market and the performance of Ruby specifically,” Rosen said in a statement. SMBC and Oaktree did not immediately return requests for comment.

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Anagram Turtle Bay debuts “Residences From The Top”

By virtue of its corner location, 23-story height and nearly floor-to-ceiling windows, residents of Anagram Turtle Bay at 300 East 50th Street can expect abundant natural light. But as co-developers Global Holdings and MAG Partners just announced, the “Residences From The Top,” a collection of 46 apartments on its uppermost floors take the building’s upscale environment one step further. The limited collection of rental residences features elevated ceiling heights and oversized windows that augment the homes’ sweeping Manhattan skyline and East River views. Other highlights include white oak-style flooring, keyless entry, programmable climate control, and in-unit Bosch washers and dryers.

The first availabilities in “Residences From The Top” start at $7,075/month for one-bedrooms,$12,147/month for two-bedrooms, and $16,771/month for three bedrooms. All prices are not effective to reflect half a month’s free rent on a 12-month lease for two- and three-bedroom units.

“‘Residences From The Top’ is an elevated living experience defined by extraordinary light, air, and panoramic views that shape and enrich every interior moment” – MaryAnne Gilmartin, Founder and CEO, MAG Partners

“Residences From The Top” includes “The Terrace Collection,” six units with private outdoor space. One of them has already pre-leased for $21,000/month. This comes less than a year after a June 2025 interview with City Realty where Ms. Gilmartin said the newly launched Anagram Turtle Bay was seeing many inquiries about three-beds from families. This building comes on the heels of MAG Partners’ successful Ruby in Chelsea and launched leasing the same day as Mabel, a Passive House-certified, MAG Partners-helmed building in Chelsea.

Anagram Turtle Bay opened in spring 2025 at the southeast corner of Second Avenue and East50th Street, moments from the United Nations, Grand Central Terminal, and Fortune 500headquarters such as JP Morgan. Designed by BKSK Architects, its hand-laid facade and well-articulated massing is meant to bridge the atmospheres of Midtown East and Turtle Bay with a contemporary interpretation of historic brick detailing found in nearby landmarks.

Like all apartments at Anagram Turtle Bay, Residences from the Top feature designer kitchen s with custom cabinetry, quartz countertops, and premium integrated Bosch appliances, including  induction cooktops. Bedrooms and sleeping areas come with integrated blackout shades, and primary baths boast mosaic tile accent shower walls and custom quartz-topped vanities.

Amenities at Anagram Turtle Bay were designed to foster a strong indoor/outdoor connection. Residents arrive via a landscaped marquee entry to an attended lobby with green wall. The Garden Study coworking lounge, The Garden Library media lounge with fireplace, and the Garden Lounge recreation room with aperitivo bar and caffeine station all overlook a landscaped garden with outdoor seating areas. The rooftop terrace features a grilling station, a dining area, sunlounges, and panoramic skyline and East River views. Additional amenities include secure bike storage and a Fitness Lab with separate sections for cardio and strength, yoga and movement, and cross-training.

Anagram Turtle Bay represents the fourth building in Global Holdings’ Anagram collection. Josh Feder, Senior Vice President/Head of Investments at Global Holdings, notes that   Circle achieved a full lease-out in less than a year, and that momentum was strong in Turtle Bay. “Residences from the Top” debuted shortly after construction topped out on Anagram Gowanus, the brand’s fifth property and first project located outside of Manhattan.

Mr. Feder said in a statement, “Renters have consistently responded to Anagram’s distinct, hospitality-driven living experience.” That is certainly the case at Anagram Turtle Bay, where a24/7 concierge and events staff are on hand to greet residents, see to their needs, and offer a special roster of residents-only programming. Moreover, the ground floor of the building will be home to Serafina Mare, a seafood-focused spinoff of the popular Italian restaurant. Residents of Anagram Turtle Bay will enjoy perks like room service and a special menu.

Serafina Mare is estimated to open in fall 2026. In the meantime, Anagram Turtle Bay is located in close proximity to fine dining in Midtown East. It is also located in close proximity to offices like the new JPMorgan Chase tower, the United Nations Headquarters, the East River Esplanade, gourmet markets like Whole Foods and Trader Joe’s, the 6 train at 51st Street, and Grand Central Terminal. Ms. Gilmartin described this central location as a “15-minute city concept.”

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The Real Deal 100

After decades of shaping New York City’s skyline, Gilmartin’s latest chapter began in 2018 with the launch of her MWBE-certified development company.

Gilmartin’s MAG Partners has built a $1 billion development pipeline, including Ruby at 243 West 28th Street, a mixed-income residential building and two luxury projects, Mabel at 335 Eighth Avenue and Anagram Turtle Bay at 300 East 50th Street.

Before launching MAG, Gilmartin served as president and CEO of Forest City Ratner Companies, overseeing some of the city’s most high-profile developments, including the Barclays Center, the 22-acre Pacific Park Brooklyn project, and The New York Times building. 

Gilmartin’s entry into real estate was serendipitous. A professor suggested she apply for an urban fellowship, a unique opportunity to work with city agencies during Ed Koch’s administration. She began managing complex projects, like negotiating with an 82-year-old squatter with four pit bulls and a shotgun over a site where the city wanted to build a police department tow pound.

“I solved his problem and I said to myself, ‘if this is what real estate is about, it’s about human relationships and connection,’ and I thought, ‘this is sort of fun,’” Gilmartin said.

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