MaryAnne Gilmartin is starting the spring with a pep in her step after refinancing a West Chelsea rental development.
MAG Partners scored a $210.8 million loan to refinance The Ruby at 243 West 28th Street in Manhattan, the Commercial Observer reported. The floating-rate debt retires a $196 million loan provided by Tyko Capital.
Sumitomo Mitsui Banking Corporation provided the senior loan to Gilmartin’s firm, while the mezzanine loan stemmed from funds managed by Oaktree Capital Management. MAG chief investment officer Jeff Rosen described lender interest as being robust.
A CBRE team including Tom Rugg, Tom Traynor and Peter Griesinger negotiated the debt.
Co-sponsored in a joint venture with Safanad, Blue Owl Capital and Qualitas, MAG opened the Ruby three years ago. The 480-unit development, which includes 30 percent affordability, stretches across two towers across from the Fashion Institute of Technology.
There’s 8,500 square feet of retail space on the ground floor, counting tenants such as Urbana Café & Gallery, Pet Evolution and wellness company Saint.
Gilmartin’s firm has developed more than 7 million square feet of office, residential and mixed-use space, a portfolio valued above $4.5 billion, according to the company. Its developments are largely centered around Manhattan, though there’s also a master plan redevelopment unfolding in Baltimore.
Gilmartin launched the company in 2018. She previously served as president and chief executive officer of Forest City Ratner.
Elsewhere in West Chelsea, Rodney Sani of Oxford Assets recently filed plans for a 16-story, 62-unit luxury apartment building at 515 West 27th Street, the former location of the Bungalow 8 nightclub. A one-story building is expected to be demolished for the 18,000-square-foot residential development, which will include ground-floor retail space, roof terraces and bike parking.
The sale of the site for an asking price of $5.9 million is expected to close next month.
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