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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