MAG Partners has received a $ 173 million home loan from Madison Realty Capital for a 479-unit rental apartment building in Chelsea. The project, which will begin construction next month, is being developed under the Affordable NY program, with 30% of its units reserved for low- and middle-income New Yorkers.
The architecture office COOKFOX designed the building.
The project is a joint venture between MAG Partners, Safanad, Atalaya Capital Management and Qualitas, one of the largest asset managers in Australia.
MaryAnne Gilmartin, CEO of MAG Partners, said in prepared remarks that the building is a desirable location "as large tech companies continue to get large leases on foot and we expect this property to see very strong long-term demand when it opens in 2022 becomes. ”
MAG Partners acquired the site in December 2018 as part of a 99-year long lease with Edison Properties.
The mortgage was arranged by Adi Chugh of Maverick Commercial Properties. Jeff Rosen from MAG Partners represented the property. The financing supports the construction during the estimated 30-month construction period.