MAG Partners and Safanad have successfully secured $151.4 million in financing for a new mixed-use multifamily building located at 335 8th Ave in Chelsea. The seven-story, 181-unit complex, designed by COOKFOX, will feature a mix of studio, one-bedroom (90%), and two-bedroom apartments.
The joint venture obtained construction financing from Bank OZK and MetLife Investment Management for the project which is expected to be completed by Q3 of 2025. The development includes amenities such as fitness and co-working spaces, gardens, and a rooftop terrace.
In addition to its luxurious features, the building also prioritizes affordable housing with 30% of its units reserved for low- and middle-income residents through a tax abatement program. Retail space within the development will include popular supermarket chain Lidl as well as community facilities.
Leading the debt advisory team representing MAG Partners and Safanad was Geoff Goldstein along with Jillian Mariuttiand Stephen Van Leer from JLL. Rob Hinckley , Jeffrey Julien , Nicco Lupo comprised the equity team responsible for securing funding for this project.
Upon completion,the developers aim to obtain LEED Gold certification as well as Passive House certifications.The post on Connect CRE highlights this successful partnership between MAG Partnersand Safanad without explicitly mentioning their names or brands.
