MaryAnne Gilmartin refinancing newly completed Chelsea resi building

Goldman Sachs provided $149M bridge loan for Mabel development

Key Points

• MaryAnne Gilmartin’s MAG Partners secured a $148.7 million bridge loan from Goldman Sachs Alternatives to refinance the construction debt for the Mabel at 355 Eighth Avenue in Chelsea.

• The 188-unit residential development, completed within the last year, is already approaching full occupancy, which was a key factor in generating lender interest for the refinancing.

• The CookFox-designed property includes 25,000 square feet of amenities and a 23,000- square-foot ground-floor retail space that has been leased to grocer Lidl, expected to open in the fall.

MAG Partners’ MaryAnne Gilmartin should have a spring in her step with the success unfolding at the Mabel in Chelsea.

MAG scored a $148.7 million bridge loan from Goldman Sachs Alternatives to refinance the construction debt at 355 Eighth Avenue, the Commercial Observer reported. The 188-unit development was completed within the last year and is already approaching full occupancy.

A JLL team including Jillian Mariutti, Geoff Goldstein and Stephen Van Leer arranged the loan. MAG’s Jeff Rosen handled the deal in-house for the firm. Mariutti said the property’s “strong leasing out of the gate, a high-quality mixed-income program and a sponsor with a clear track record of execution,” generated lender interest. Rosen also described the refinancing process as “highly competitive.”

The CookFox-designed property on the corner of Eighth Avenue and West 26th Street includes 25,000 square feet of amenities, such as a coworking space, workout areas, an outdoor lounge and a media lounge. The 23,000-square-foot ground-floor retail space, meanwhile, was leased to grocer Lidl.

The store is expected to open in the fall. MAG Partners was chosen to enter into a long-term lease to redevelop the site nearly five years ago. Tenants at the time included Gristedes, McDonald’s and a tennis center. Gilmartin had a notable tenure at Forest City Ratner, overseeing the development of the New York Times Building on West 41st Street, the Barclays Center in Brooklyn and the Frank Gehry-designed 8 Spruce Street residential tower in downtown Manhattan. She went on to start her own firm in 2019. Within five years, Gilmartin was tackling major developments along the East Coast, such as the 194-unit Anagram Turtle Bay at 300 East 50th Street and the 480-unit Ruby at 243 West 28th Street.

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MAG Partners Secures $149M Refi for the Mabel in Chelsea

MaryAnne Gilmartin’s MAG Partners, in partnership with investment company Safanad, has closed on a $148.7 million bridge loan from Goldman Sachs Alternatives to refinance a construction loan for the Mabel, MAG’s new residential building in Chelsea, Commercial Observer has learned. 

Designed by CookFox and located at 335 Eighth Avenue, the Mabel is a 188-unit, mixed-income building featuring 25,000 square feet of indoor and outdoor amenities, including coworking space, workout areas, an outdoor lounge and a media lounge. 

Less than one year after construction finished on the building at the corner of Eighth Avenue and West 26th Street, the property is now almost 100 percent leased. The development also features a 23,000-square-foot ground-floor grocery store space, which has been leased to Lidl and is expected to open this fall. 

The loan was arranged by Jillian Mariutti, Geoff Goldstein, Stephen Van Leer and Rob Hinckley from JLL.

“In today’s market, lenders are being far more selective, so getting a deal like this done really comes down to the fundamentals,” Mariutti told CO. “Mabel has a lot working in its favor including strong leasing out of the gate, a high-quality mixed-income program, and a sponsor with a clear track record of execution. That combination gave lenders real confidence. We were able to structure financing that made sense for where the market is today.”

Jeff Rosen, managing principal and chief investment officer at MAG, handled things in-house for the landlord. 

“The Mabel refinance is a strong validation of both the asset and our broader multifamily strategy,” Rosen told CO. “We delivered a high-quality luxury product, and the lease-up has significantly exceeded expectations, achieving over 95 percent occupancy at market rents in record time and ahead of pro forma pricing. The highly competitive refinancing process further underscores the quality of the sponsorship and the asset itself. This is another proof point for the strength of the MAG Partners platform and our ability to execute in the current market.”

Other new luxury residential buildings in MAG’s portfolio include the 194-unit Anagram Turtle Bay at 300 East 50th Street and the 480-unit Ruby at 243 West 28th Street, which was built during the pandemic as MAG’s inaugural project.

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MAG Partners and Safanad Announce $148.7 Million Refinancing for Mabel in Chelsea

NEW YORK, NY — April 20, 2026, MAG Partners and Safanad today announced the closing of 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 Avenue in Manhattan’s Chelsea neighborhood.

The refinancing follows the successful delivery and rapid lease-up of the 188-unit building, which is now fully leased less than one year after completion, underscoring strong demand for high-quality, mixed-income housing in the neighborhood. The loan was arranged by JLL’s Jillian Mariutti, Geoff Goldstein, Stephen Van Leer and Rob Hinckley.  Managing Principal and Chief Investment Officer, Jeff Rosen, led the effort for MAG Partners.

Mabel features a mix of market-rate and affordable residences developed under the Affordable NY Program, with 30 percent of units reserved for low- and middle-income New Yorkers. The building also includes a 23,000-square-foot ground-floor grocery store leased to Lidl, which is expected to open in Fall 2026, bringing a high-quality, affordable food option to the Chelsea community.

The refinancing reflects both the strong performance of the asset and continued institutional confidence in well-located, thoughtfully executed multifamily housing in New York City.

“The closing of this financing is a significant milestone for Mabel and a testament to the strength of the asset we’ve delivered,” said Jeff Rosen, Managing Principal and Chief Investment Officer at MAG Partners. “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.”

“We are delighted to partner once again with MAG Partners, and also Goldman Sachs as lender, in the long-term success of Mabel in Manhattan’s iconic Chelsea neighborhood, one of the most dynamic submarkets in Manhattan,” said Kamal Bahamdan, Founder and CEO of Safanad. “This refinancing is yet another example of Safanad’s constant drive to work with our operating partners to help them increase revenues, reduce expenses and control risks, for everyone’s benefit.  We take these actions across our real estate portfolio of multifamily and hospitality assets across leading U.S. urban markets, underpinned by deep and long-lasting partnerships, to ensure that these assets are among the most desirable in their communities.”

The COOKFOX-designed building integrates into the Penn South campus and contributes to the long-term financial sustainability of the cooperative through its ground lease structure, supporting affordability for nearly 5,000 residents.