MAG Partners, Safanad, and Global Holdings have joined forces to develop the 300 East 50th Street project in Turtle Bay. The team successfully obtained a $95 million loan from Bank OZK for this venture.
The 23-story building boasts of 194 high-quality rental units designed as condominiums. In compliance with the Affordable New York program, the property will reserve 30% of its units for low- and middle-income residents. With a focus on promoting wellness, BKSK Architects has created an exceptional space that includes amenities such as a courtyard, rooftop garden, fitness center, pet spa and more.
JLL played an instrumental role in securing both equity and construction financing for this project through their expert team led by Geoff Goldstein,Jillian Mariutti,and Stephen Van Leer.The Salesand Equity Placementteam was comprisedof Rob Hinckley Jeff Julien,and Nicco Lupo.Jeff Rosen (Principal)and Adam Freindlich(Vice President)from MAG Partners spearheadedthe deal while Krown Capitaland KRW Realty were responsiblefor assemblingthe siteoriginally.
This article originally appeared on Connect CRE’s website.
