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.

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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The Industry Dish: inside the mind of MAG Partners’ MaryAnne Gilmartin

In the high-stakes world of NYC development, MaryAnne Gilmartin stands as a titan of transformation. As the Founder and CEO of MAG Partners, Gilmartin has orchestrated some of the most iconic projects in modern history, like the Barclays Center and the New York Times Building. Her philosophy is rooted in the belief that the most successful projects are those that prioritize human experience and architectural excellence over the path of least resistance.

“We’re like a little engine that could, kind of punching above our weight,” she says. “[We want to] prove that you can build beauty and still create value, not just for the investors and the partners, but the communities in which we build.”

Gilmartin reflects on her career and experience leading a woman-owned firm that thrives on embracing challenges. She offers a profound look into how substantive work serves as an equalizer in the business, and insight into her signature approach, which includes a deep-seated sense of duty to the city itself. “Our contributions are mighty, and that is why they need to be done responsibly,” she says.

This conversation captures the essence of a leader who builds for people, ensuring every project delivers lasting value to the communities it serves.

“I encourage young people to get out there and… actually get your hands dirty, literally try to get something built,” she says. “Once you do that, no one can ever take it away from you.”

Watch the video to hear Gilmartin’s thoughts on leadership, grit, and the art of building for the common good.

The interview was filmed at the BSH New York Experience & Design Center, home to Bosch, Thermador and Gaggenau. Thanks to BSH for sharing their space and making this interview possible. 

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2025 Commercial Observer Owners Questionnaire

Looking back at 2025, what was the biggest highlight and biggest challenge for MAG Partners?

2025 has been a defining year for MAG Partners. The biggest highlight was without question the opening of two extraordinary residential buildings, Mabel in Chelsea and Anagram Turtle Bay in Midtown East. Both represent the best of what we stand for: design excellence, high performance and long-term value creation. To see both buildings achieve incredible lease-up momentum is deeply gratifying. Both buildings are renting way above asking rents and are over 60 percent leased.

At the same time, this year has tested every developer’s resolve. We’ve been operating in an environment marked by constant uncertainty, uncharted territory in the mayoral race, tariffs and turbulence in Washington, and persistent strain in the capital markets. Interest rates and lending restrictions continue to make even good projects harder to capitalize. 

But, if anything, these challenges have underscored the strength of our team and our model. We’ve stayed disciplined, creative and optimistic — qualities that have carried us through volatile markets before and will again.

What are the key transaction opportunities you’re seeing in New York City versus Baltimore, and where are you spending the majority of your time today?

We are spending most of our time capitalizing our pipeline of New York residential deals. While our work in Baltimore has been an exceptional example of our placemaking, leasing and operating know-how, at our core we are builders, and we see enormous potential in New York City development in 2026 and beyond.

What would you like to see out of the next New York mayoral administration? What’s key for commercial real estate? 

New York needs a pro-business mayor who understands that growth and affordability are not opposing forces, they are interdependent. The only way we will meaningfully address the city’s housing crisis is through true partnership with the private sector. Developers are ready to build; what we need is leadership and programs that make it possible. As Maryland Gov. Wes Moore says: We do not have to choose between a competitive economy and an equitable economy — we can and should have both.

What type of local, state or federal policy would you like to see implemented to benefit multifamily development in coming years?

We urgently need a modified 485x program in New York state, a successor to 421a that recognizes how essential private development at scale is to meeting New York’s housing needs. The current tools do not balance feasibility with public benefit.

What do you wish you’d known going into 2025 that you know now? 

As an industry and a city, we have been whipsawed daily by headline news ranging from tariffs, interest rates, urban crime, elections and geopolitical instability. Never in my career have we faced so many external macro challenges outside of our control that impact our business and create uncertainty in such an intense and short time. While we are more resilient than ever because of this, knowing it would become the new normal would have made it less stressful to manage.

Lighting Round:

Borrowing costs up or down by late 2026?
Down — we have seen it already. The interest we have seen on our financing and capital raise is well beyond what we have seen in the last five years. 

More excited about — interest rate cut or Taylor Swift’s engagement
? We’re ready for a rate cut — it’s been “a cruel summer” for capital markets and swifter rate reductions would be exciting.

When was your last vacation and where?
In September. A fabulous East meets West adventure in Istanbul, Bodrum and Ireland.

What’s your kryptonite?
Being away from my family for too long. 

How are the tariffs going to affect your Thanksgiving shopping?
We locally forage for this quintessential American holiday (we source our bird, carbs and veggies from the North Fork), so the only impact will be the wine list!

If Stephen Starr asked you which restaurant he should next reopen, what would it be?
Talde in Park Slope.

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Baltimore Peninsula home to more than half of city’s latest leasing deals

Businesses signed more than half of Baltimore’s commercial leasing deals in the third quarter at Baltimore Peninsula, with a global staffing firm announced Tuesday as the latest tenant in the mixed-use development south of Interstate 95.

Previously known as Port Covington, the waterfront project on a former industrial site leased 53,005 square feet of office space in July, August and September, accounting for 56.6% of the city’s new commercial deals, according to real estate brokerage firm Cushman & Wakefield.

Developers on Tuesday announced a 15,600-square-foot lease with Atlanta-based Insight Global at 2455 House St., bringing the eight-story office building’s occupancy to 75%. The professional services company serves health care, engineering and IT industries at more than 70 locations in the U.S., Europe and Asia.

The company “expands the range of industries represented and furthers our vision of Baltimore Peninsula as a dynamic hub where businesses, talent, and culture gather,” MaryAnne Gilmartin, founder and CEO of MAG Partners, said in a statement.

MAG Partners leads the 235-acre project’s development team, which includes Under Armour founder Kevin Plank, Plank’s Sagamore Ventures investment firm and Goldman Sachs Asset Management Urban Investment Group. The vision for the massive project, touted as one of the largest urban revitalization efforts in the U.S., includes up to 14 million square feet of shops, restaurants, office space and housing, plus 40 acres of parks, across 45 new city blocks.

The House Street building already is home to CFG Bank’s headquarters and several hundred workers, Daily Grind and Molly’s Dog Care. Architecture firm Ayers Saint Gross has signed up for 25,000 square feet and plans to move by spring.

The project, adjacent to Under Armour’s newly relocated headquarters on a separately owed parcel, has leased 90,000 square feet of office space this year to tenants such as the University of Maryland’s Flex MBA program, PwC and Newmark, all at Rye Street Market, a second office building. Developers so far also have built an extended-stay hotel, two apartment buildings and 10 acres of waterfront parks. The office buildings together are 60% leased.

Gilmartin has said the goal is to attract tenants from outside the city and state, rather than merely moving tenants around the city. But critics have raised concerns about additional office space leading to higher vacancies elsewhere in the city, at a time when tenants are fleeing older commercial areas for upgraded, newer space.

Additional shops and eateries are expected to open later this year, adding to tenants such as Ben & Jerry’s, Slutty Vegan, Bar Vegan, Jersey Mike’s and Rye Street Tavern by Clyde’s Restaurant Group.

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Meet The 2025 New York Power Women Honorees

New York City’s commercial real estate industry has faced wave after wave of challenges in 2025, from the introduction of tariffs and federal funding cutbacks in the spring to the local political uncertainty introduced by November’s looming mayoral election.

The ability to navigate the turbulence is the hallmark of the 27 women who were named Bisnow New York Power Women for 2025, to be honored at a cocktail and awards reception Oct. 8 at 120 Broadway. 

The two winners of this year’s Icon and Influencer Award, MAG Partners founder and CEO MaryAnne Gilmartin and MSquared founder Alicia Glen, said sticking to their specialized areas and staying disciplined has been paramount as headlines throw investors into a panic.

Both women have managed to pull together standout moments in NYC’s commercial real estate scene during a moment when other developers have been stuck.

This summer, MAG Partners opened two residential buildings, the 194-unit Anagram Turtle Bay at 300 E. 50th St. and the 188-unit Mabel at 335 8th Ave. MSquared, meanwhile, acquired full ownership of a 1,193-unit property at 3333 Broadway in Manhattanville for $323.5M with a consortium of other investors and recently closed a $140M raise for the firm’s second fund.

But it has been far from easy. 

“Never have I seen daily national headlines whipsaw our business the way, or at least for our company, the way that it has since January,” Gilmartin said, adding that ”Liberation Day” — the day that President Donald Trump officially began his tariff campaign — was a “colossal stress inducer.” 

The impact of cuts to federal programs has been a particular pain point for affordable and mixed-income housing investors and developers like Glen’s firm. Deals have gotten harder to put together because some resources are no longer available, she said.

“Business is very much focused on the relationship with the public sector and how you leverage government’s policies and capital and money to promote affordable housing,” Glen said. 

New York City’s upcoming mayoral election could increase those tensions, Gilmartin said. While she said a potential Zohran Mamdani mayoralty would have minimal impact on the ground-up development business, it could heighten the need for strategic thinking among builders. Trump’s staunch opposition to Mamdani poses a potential complicating factor.

Political uncertainty at home and abroad has led to extra sensitivity and caution in the capital markets. 

“Our investors are international, and they tend to be very sensitive to headlines,” Gilmartin said. “War is hard. War is harder when you’re dealing with international investors that are from that region.”

Both have decades of experience helping to shape New York into what it is today — Gilmartin developed the Barclays Center as head of Forest City Ratner, and Glen was the tip of the spear for Mayor Bill de Blasio’s housing policy. While they expressed apprehension about the city’s short-term course, they have long histories of navigating the challenges while being one of few women in the room.

“For women in particular, you do have to be smarter than everybody else in order to get the authority to be in charge, or to raise capital or to run a city,” Glen said. “There are lots of women in the industry, but you have got to really own it, and you had better be the person that is making the decisions.”

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