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.