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MAG Partners, Safanad Secure $151M for Chelsea MF Development
A joint venture between MAG Partners and Safanad has secured $151.4 million in financing for a seven-story, 181-unit mixed-use multifamily building in Chelsea. Located at 335 8th Ave, the seven-story, 188-unit complex will feature a mix of studio, one-bedroom (90%), and two-bedroom apartments. The venture secured construction financing from Bank OZK and MetLife Investment Management.
Designed by COOKFOX, the building will offer amenities including fitness and co-working spaces, gardens, and a rooftop terrace. The development reserves 30% of apartments for low- and middle-income residents, aided by a 421a tax abatement. Retail space includes a Lidl supermarket and community facilities.
The JLL debt advisory team representing the sponsor was led by Geoff Goldstein, Jillian Mariutti and Stephen Van Leer. The equity team comprised Rob Hinckley, Jeffrey Julien and Nicco Lupo. Completion is expected in Q3 2025, aiming for LEED Gold and Passive House certifications.
- ◦Financing
