MAG Partners JV Secures $211M Refi for NYC Towers
Thirty percent of the units are affordable.
MAG Partners, along with joint venture partners Safanad, Blue Owl and Qualitas, has received a $210.8 million refinancing loan for Ruby, a 480-unit mixed-income tower located in Manhattan’s West Chelsea neighborhood.
The capital stack includes a senior loan from an unnamed Japanese financial institution, as well as mezzanine debt from funds managed by Oaktree Capital Management. CBRE arranged the financing.
This package is replacing a previous $196 million mortgage loan provided by TYKO.
Ruby was MAG’s first ground-up project. The developer acquired the site in 2018 via a 99-year ground lease with Edison Properties and received a $173 million construction loan from Madison Realty Capital in 2020. The community opened in 2023.
Ruby’s towers have one- to three-bedroom layouts, as well as penthouses. Of the 480 residences available, 30 percent are designated as affordable.
COOKFOX led the design of the project, with Urban Atelier Group serving as the construction manager. Individual apartments have hardwood floors, in-unit laundry, high ceilings and keyless entries. Community amenities include a lounge, a library, a courtyard, a fitness center and a rooftop pool.
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The ground floor of the property includes 8,500 square feet of retail space leased to Urbana Café & Gallery, Pet Evolution and SAINT. The property was 96 percent occupied in February 2026, according to Yardi Matrix.
Ruby sits at 243 West 28th Street in Manhattan. Madison Square Garden is a five-minute walk away and the development has access to the 28th Street subway station. Chelsea Park and the High Line are also within walking distance of the community.
CBRE’s Tom Rugg, Tom Traynor, Peter Griesinger, Arman Samouk and Kayla Kaloostian arranged the financing. Jeff Rosen, managing principal & chief investment officer of MAG Partners represented the company in the transaction.
New York City sees large refinancing packages
According to the Mortgage Bankers Association’s March 2026 survey of commercial real estate loan maturity volumes, the maturity wall will shrink this year. Compared with 2025, mortgage maturities are down 9 percent year-over-year, with $875 billion in loans coming due in 2026. Multifamily loans represent about 13 percent of the total.
In February, Ranco Capital and the Gilardian Family secured an $115 million refinancing loan for a nearby project at 162 E. 36th St. The funds, provided by Affinius Capital, are being used to finalize the 160-unit development.
Gotham Organization and The Carlyle Group also refinanced AIRE, a 360-unit luxury tower in November 2025 for $260 million with funds provided by Natixis. The 310-unit community was built in 2007 and acquired by the partnership in 2024.
