New York, NY, Oct. 23, 2020 (GLOBE NEWSWIRE) — MAG Companions as we speak introduced that it has secured a $173 million building mortgage from Madison Realty Capital that can permit work to begin subsequent month on a 479-unit rental residential constructing at 241 W. 28th Road in Chelsea. The venture can be developed underneath the Reasonably priced NY program with 30 p.c of its items reserved for low- and middle-income New Yorkers. Famend structure agency COOKFOX has designed the constructing. The venture is a three way partnership between MAG Companions, Safanad, Atalaya Capital Administration and Qualitas, one of many largest asset managers in Australia.
“As true believers in the way forward for New York Metropolis, we’re thrilled to have the ability to start building on this revolutionary venture that can deliver mixed-income housing and tons of of jobs at a crucial time for the Metropolis,” stated MaryAnne Gilmartin, Founder and CEO of MAG Companions. “That is an extremely fascinating location as main tech firms proceed to signal massive leases inside strolling distance, and we anticipate to see very sturdy long-term demand for this property when it opens in 2022.”
MAG Companions acquired the positioning in December 2018 by way of a 99-year ground-lease with Edison Properties. The event is anticipated to be full in late 2022.
Andrew Trickett, Head of Investments at Safanad, commented, “We’re excited to have the chance to be part of this partnership group, led by one among New York’s most revered builders, MaryAnne Gilmartin. With our entry on this transaction concurrent with the closing of this mortgage, we are actually poised to ship a market main asset in an irreplaceable location in a metropolis that we consider will come again stronger than ever within the coming years.”
The development financing was organized by Adi Chugh of Maverick Industrial Properties. Jeff Rosen from MAG Companions represented possession. The financing helps building all through the estimated 30-month building interval.
“We’re very excited to have closed this $173 million mortgage at a comparatively low loan-to-cost with such an esteemed sponsorship group led by MaryAnne Gilmartin of MAG Companions in addition to Atalaya and Qualitas,” stated Josh Zegen, Co-Founder and Managing Principal of Madison. “This marquee 480-unit multifamily rental constructing, positioned inside a couple of blocks of Hudson Yards and different outstanding tech tenant expansions on the west aspect, can be one of many solely new multifamily rental tasks in-built Manhattan within the subsequent few years. We have been happy to fill a void which might usually be financed by typical banks, and supply our flexibility, certainty, and conviction.”
Mark Fischer, International Head of Actual Property at Qualitas stated, “As a agency we proceed to consider in the way forward for cities as locations the place the world’s most gifted and artistic minds congregate – we anticipate New York Metropolis to proceed to paved the way on that entrance and the Chelsea neighbourhood to strengthen its attributes as a extremely fascinating place to reside, work and play. We’re excited to begin constructing this venture.”
“Maverick CP was excited and honored to tackle the task of advising on the financing of this marquis venture with high class sponsorship in essentially the most difficult financing market within the historical past of the world. Nonetheless, the outdated adage held up and we knew that there’s at all times alternative in adversity. The sponsorships imaginative and prescient, their capital dedication to the deal, the lender’s resilience, and talent to be inventive and constructive allowed all of us to see the financing come to fruition,” stated Adi Chung, Managing Companion of Maverick Industrial Properties.
It was beforehand introduced that MAG Companions had chosen Rick Cook dinner and COOKFOX, a agency that’s the greatest and most prolific workforce for revolutionary contextual and sustainable growth in New York, to design the constructing. The MAG Companions workforce beforehand labored with COOKFOX on 550 Vanderbilt and 535 Carlton within the Pacific Park growth in Brooklyn.
About MAG Companions
MAG Companions is a woman-owned, city actual property firm with many years of expertise growing impactful, iconic, large-scale tasks all through New York Metropolis. Led by MaryAnne Gilmartin, collectively the MAG Companions workforce has efficiently designed, constructed and operated over 7 million sq. ft of workplace, residential and mixed-use tasks, together with over 2,000 items of housing, with a complete worth of over $4.5 billion. The agency believes and has confirmed that ideas of magnificence, variety and sustainability create lasting worth.
Based in 2009, Safanad is a differentiated actual property and personal fairness funding agency. We predominately deal with value-add and opportunistic actual property investments in addition to non-public fairness investments within the healthcare and training sectors, that are sometimes backed by important actual property belongings. We make investments largely within the US and Europe however are world in each our strategy and the way we leverage our huge community of companions. From places of work in New York, London and Dubai, our workforce of c. 50 professionals have accomplished greater than 40 transactions totaling $10 billion. www.safanad.com
About Atalaya Capital Administration
Atalaya Capital Administration is a privately held, SEC-registered, different funding advisory agency. Atalaya primarily focuses on making non-public credit score and particular state of affairs investments in three principal asset lessons – specialty finance, actual property and company. Based in 2006, Atalaya is headquartered in New York Metropolis and has greater than $5 billion in belongings underneath administration. For extra data go to https://www.atalayacap.com/
Qualitas is one among Australia’s main actual property funding administration corporations specialising in actual property fairness and debt investing. Established in 2008, the agency has invested in or financed belongings valued at over $8.5 billion since inception. The agency invests throughout the capital construction in senior debt, mezzanine debt, most well-liked fairness and fairness with a deal with growth, worth add, opportunistic and structured investments. Qualitas manages discretionary funds on behalf of institutional and wholesale shoppers in Australia, Asia, and Europe.
COOKFOX Architects, DPC is a New York Metropolis primarily based architectural and inside design studio based in 2003. COOKFOX has constructed a studio centered on high-performance, environmentally responsive design and is most well-known for revolutionary design on the highest requirements of environmental efficiency. COOKFOX focuses on biophilic design to create structure that helps bodily well being and psychological wellness. With a portfolio of various residential, office, and training tasks, COOKFOX seeks to pursue structure that restores, regenerates, and elevates our collective expertise of the city surroundings.
About Madison Realty Capital
Madison Realty Capital is a New York Metropolis primarily based actual property non-public fairness agency centered on debt and fairness funding methods with regional places of work in key markets together with Los Angeles and Dallas. Based in 2004, MRC has closed on roughly $12 billion of transactions within the multifamily, retail, workplace, industrial and resort sectors. The agency manages investments in the USA on behalf of a world investor base. MRC is a totally built-in agency with over 60 workers throughout all actual property funding, growth, and property administration disciplines. Amongst different trade recognitions, MRC has been named to the Industrial Observer’s prestigious “Energy 100” listing of New York Metropolis actual property gamers and is constantly cited as one of many trade’s high building lenders.
Renderings accessible here.
For MAG Companions
Erin Holin / BerlinRosen
For Madison Realty Capital
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
Nathaniel Garnick/Grace Cartwright Madison Realty Capital (212) 257-4170 firstname.lastname@example.org