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MAG, Safanad, Global Holdings Secure $90M for Turtle Bay Development
MAG Partners, Safanad, and Global Holdings united for the 300 East 50th Street development in Turtle Bay and secured a $95 million loan from Bank OZK.
The 23-story building with 194 units features condo-quality rentals. The property, adhering to the Affordable New York program, will allocate 30% of units for low- and middle-income residents. With amenities geared toward wellness, the BKSK Architects-designed space will feature a courtyard, rooftop garden, fitness center, pet spa, and more.
JLL helped secure both the equity and construction financing for the project with a team led by Geoff Goldstein, Jillian Mariutti and Stephen Van Leer. The Sales and Equity Placement team included Rob Hinckley, Jeff Julien and Nicco Lupo. The deal was led by Jeff Rosen, Principal, and Adam Freindlich, Vice President, of MAG Partners. The site assemblage was originated by Krown Capital and KRW Realty.
- ◦Development
