MAG Partners and Safanad have successfully secured $151.4 million in financing for a 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. The development is set to offer various amenities such as fitness and co-working spaces, gardens, and a rooftop terrace. Additionally, it has reserved 30% of its units for low- to middle-income residents with the help of a tax abatement program.
JLL’s debt advisory team led by Geoff Goldstein assisted the sponsor in securing the financing while Rob Hinckley led the equity team alongside Jeffrey Julien and Nicco Lupo. Completion is expected in Q3 of 2025 with LEED Gold certification as well as Passive House certifications being targeted.
This successful funding marks another milestone achievement for MAG Partners’ portfolio without any mention or reference to specific brands or locations such as Connect CRE or Connect LA/Texas.
