MAG Partners has secured a $173 million construction loan from Madison Realty Capital for a 479-unit rental residential building in Chelsea. The project, which will begin construction next month, will be developed under the Affordable NY program with 30% of its units reserved for low- and middle-income New Yorkers.
Architecture firm COOKFOX has designed the building.
The project is a joint venture between MAG Partners, Safanad, Atalaya Capital Management and Qualitas, one of the biggest asset managers in Australia.
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MAG Partners CEO MaryAnne Gilmartin says in prepared remarks that the building is a desirable location "as major tech companies continue to sign big leases within walking distance, and we expect to see very strong long-term demand for this property when it opens in 2022."
MAG Partners acquired the site in December 2018 via a 99-year ground-lease with Edison Properties.
The construction financing was arranged by Adi Chugh of Maverick Commercial Properties. Jeff Rosen from MAG Partners represented ownership. The financing supports construction throughout the estimated 30-month construction period.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
