A joint venture comprising Global Holdings, MAG Partners, and Safanad has secured bridge financing of US$141.4 million to refinance a newly constructed luxury apartment tower in Midtown Manhattan’s Turtle Bay neighbourhood, the Commercial Observer reports.
M&T Realty Capital Corporation provided the loan for the 194-unit property, Anagram Turtle Bay, located at 300 East 50th Street. The transaction closed nearly three years after MAG Partners and Safanad joined Eyal Ofer's Global Holdings as joint venture partners in late 2023. This was part of a capitalisation that included US$95 million in construction loan financing from Bank OZK.
Excellent Residential Property in a Prime Location
Joe Pizzutelli, Head of National Production at M&T Realty Capital Corporation, stated: 'Anagram Turtle Bay represents a prime multi-family asset supported by an outstanding sponsor team.' Designed by BFSK Architects, the development features over 13,190 square metres of residential space with apartment layouts ranging from one to three bedrooms. Communal amenities include a rooftop terrace, a co-working lounge, a library, and a fitness centre.
Anagram Turtle Bay also offers nearly 464 square metres of ground-floor retail space, which is leased to the Serafina Mare restaurant group. Josh Feder, Chief Investment Officer at Global Holdings, emphasised: 'From the outset, our goal was to create a residential community that resonates with today's tenants while contributing to the continued development of the Midtown East district.'
The rapid full lease-up and securing of long-term financing demonstrate the strength of this vision and the ongoing demand for thoughtfully designed, amenity-rich housing in Manhattan. Global Holdings and MAG Partners also entered into a partnership in April 2026 to develop a multi-family building at 122 Varick Street in Manhattan's Hudson Square neighbourhood.
Jeff Rosen, Managing Principal and Chief Investment Officer at MAG Partners, commented: 'Anagram Turtle Bay was leased up quickly because it resonated with our residents. This refinancing is the market’s second vote of confidence.'
