G Holdings, MAG Partners and Safanad Secure $141.4M Refinancing for Anagram Turtle Bay in Manhattan
A joint venture of G Holdings, MAG Partners and Safanad has closed a $141.4 million bridge refinancing on Anagram Turtle Bay, a newly completed 194-unit luxury rental tower at 300 East 50th Street in Manhattan's Turtle Bay neighborhood, the partners announced July 21, 2026. M&T Realty Capital Corporation, a subsidiary of M&T Bank, provided the loan, replacing the property's original $95 million construction financing from Bank OZK.
The transaction marks the first major capital event for the project since MAG Partners and Safanad joined G Holdings — the international real estate development and investment firm led by Chairman and Founder Eyal Ofer — as joint venture partners in late 2023. The site assemblage was originated by City Point Capital and KRW Realty.
Deal Details and Property Overview
Anagram Turtle Bay is a 23-story residential tower comprising approximately 170,000 square feet of space, with 194 rental units ranging from one- to three-bedroom layouts. The building, designed by BKSK Architects, features oversized windows, elevated ceiling heights, Bosch appliances, smart home technology and curated finishes. Amenity offerings span more than three floors and include a rooftop terrace with panoramic skyline views, a fitness center, a library, a coworking lounge, landscaped garden spaces and a media lounge.
The property also includes nearly 5,000 square feet of ground-floor retail space, which is leased to Serafina Mare, the restaurant group's first spinoff concept centered on Italian coastal cuisine. Thirty percent of the tower's units are designated affordable under the Affordable NY program.
Joe Pizzutelli, head of national production at M&T Realty Capital Corporation, said in a statement that "Anagram Turtle Bay represents a premier multifamily asset backed by an outstanding sponsorship team."
Rapid Lease-Up Underpins Refinancing
The refinancing comes after the property reached full stabilization in under one year — a timeline the joint venture and its lender cited as central to the transaction's execution. The building is fully leased, and the completed retail tenancy with Serafina Mare rounds out the property's income profile ahead of the loan closing.
"Our goal from day one was to create a residential community that would resonate with today's renters while contributing to the continued evolution of the Midtown East neighborhood," said Josh Feder, chief investment officer at G Holdings. "Achieving full lease-up so quickly and securing long-term financing speaks to the strength of that vision and demonstrates the enduring demand for thoughtfully designed, amenity-rich housing in Manhattan."
Jeffrey Rosen, managing principal and chief investment officer at MAG Partners, framed the refinancing as a market validation of the project's fundamentals. "Great buildings get rewarded twice — first by renters, then by capital markets," Rosen said in a statement. "Anagram Turtle Bay leased quickly because it resonated with our residents. This refinancing is the market's second vote of confidence. That's the discipline behind everything we build at MAG Partners."
Kamal Bahamdan, founder and CEO of Safanad, added: "This refinancing is yet another example of Safanad's constant drive to work with our operating partners to help them increase revenues, reduce expenses and control risks for everyone's benefit."
Lender Confidence in Stabilized Manhattan Multifamily
The loan replacement — from $95 million in construction debt provided by Bank OZK to a $141.4 million bridge facility from M&T Realty Capital Corporation — reflects a broader pattern among institutional lenders who have continued to favor stabilized, newly delivered multifamily assets in Manhattan over development-stage risk. The presence of an experienced sponsorship group, full residential occupancy and a signed retail tenant reduced execution risk sufficiently to support the refinancing on a recently completed tower.
Manhattan rental demand has remained strong for new premium product, particularly in Midtown East, where proximity to transit and employment centers has supported faster lease-up timelines. The inclusion of 30% affordable units under Affordable NY also broadens the eligible tenant pool, a factor that can accelerate absorption in a market where affordability constraints limit demand for fully market-rate product.
Expanding Partnership Between G Holdings and MAG Partners
The Anagram Turtle Bay refinancing builds on a growing development relationship between G Holdings and MAG Partners. In April 2026, the two firms announced a partnership to develop a 149-unit multifamily tower at 122 Varick Street in Manhattan's Hudson Square neighborhood, extending their collaboration beyond the Turtle Bay project. The joint venture has framed Anagram Turtle Bay as a proof point for the broader Anagram residential brand.
The transaction reflects continued institutional confidence in newly delivered, high-performing multifamily assets in Manhattan, as lenders continue to favor stabilized residential properties with strong leasing fundamentals and experienced ownership, the joint venture said.