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.
Elsewhere in Chelsea, Rodney Sani of Oxford Assets filed plans for a 16-story, 62-unit luxury apartment building at 515 West 27th Street, the former location of the Bungalow 8 nightclub.
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“New York street fighter”: MaryAnne Gilmartin takes on $5.5B development
Former Bungalow 8 nightclub to be converted into housing
