MAG Partners JV Secures $149M Refi for Manhattan Community
The mixed-income property opened its doors last year.
MAG Partners and Safanad have secured a $148.7 million bridge loan to refinance Mabel, a 188-unit mixed-income community located in Manhattan’s Chelsea neighborhood. Real Estate at Goldman Sachs Alternatives provided the financing, which was arranged by JLL.
The loan replaces the project’s construction financing, which according to Yardi Matrix included a $78 million note from Metropolitan Life Insurance Company plus $73.8 million from Bank OZK, both of which were originated in January 2024.
Mabel opened in 2025 and is fully leased. A third of its units are reserved for low- and middle-income households under the Affordable NY program. The COOKFOX-designed community contains studio, one- and two-bedroom layouts, along with space for a 23,000-square-foot ground-floor grocery store.
READ ALSO: Tales From the Missing Middle
Apartments feature keyless entry systems, triple-panel windows, solar shades, in-unit laundry and walk-in closets. Community amenities include a fitness center, pet spa, self-storage units alongside a garden, meeting room and media lounge.
Located at 335 Eighth Ave. along West 26th Street, Mabel is about five blocks from New York’s Penn Station. John F. Kennedy International Airport is about 15 miles away, while LaGuardia Airport is some 9 miles.
JLL Senior Managing Directors Geoff Goldstein and Rob Hinckley, Managing Director Jillian Mariutti and Senior Director Stephen Van Leer arranged the financing, while MAG Partners Managing Principal and Chief Investment Officer Jeff Rosen led the in-house brokerage effort.
Another Chelsea refi for MAG Partners
This is the second Chelsea multifamily refinancing that MAG Partners has completed in the past month. In March, the firm and joint venture partners Safanad, Blue Owl and Qualitas received a $210.8 million refinancing loan for Ruby, a 480-unit mixed-income tower located in Manhattan’s West Chelsea neighborhood. This was MAG’s first ground-up project.
That capital stack includes a senior loan from an unnamed Japanese financial institution, as well as mezzanine debt from funds managed by Oaktree Capital Management. The package replaced a previous $196 million mortgage loan provided by TYKO.
