MAG Partners, Safanad and Global Holdings Secure $141.4M Bridge Loan From M&T Realty Capital Corporation for Anagram Turtle Bay

A joint venture of G Holdings, MAG Partners and Safanad has closed a $141.4 million bridge loan to refinance Anagram Turtle Bay, a newly completed luxury apartment tower at 300 East 50th Street in Manhattan's Turtle Bay neighborhood, the partners announced July 27, 2026.

M&T Realty Capital Corporation provided the bridge debt on the 194-unit property, which spans more than 142,000 square feet of residential space. The transaction retires the $95 million construction loan that Bank OZK supplied in late 2023 when MAG Partners and Safanad joined Eyal Ofer's Global Holdings as joint venture partners on the project.

Deal Details and Sponsorship

The $141.4 million loan represents a step up from the original $95 million construction facility, reflecting the asset's transition from a development-stage project to a fully leased, stabilized multifamily tower. The property at 300 East 50th Street carries a residential program of more than 142,000 square feet alongside nearly 5,000 square feet of ground-floor retail space.

"Anagram Turtle Bay represents a premier multifamily asset backed by an outstanding sponsorship team," said Joe Pizzutelli, head of national production at M&T Realty Capital Corporation, in a statement.

The development was designed by BFSK Architects and features apartment layouts ranging from one- to three-bedrooms. Community amenities include a rooftop terrace, a coworking lounge, a library and a fitness center. The ground-floor retail space is leased to restaurant group Serafina Mare.

Lease-Up and Stabilization

Sponsors cited rapid lease-up as a key driver of the refinancing. Josh Feder, chief investment officer at Global Holdings, pointed to full occupancy as validation of the project's design and positioning.

"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," Feder said in a statement. "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, echoed that sentiment. "Anagram Turtle Bay leased quickly because it resonated with our residents," Rosen said. "This refinancing is the market's second vote of confidence."

Market Context: Multifamily Lending in 2026

The bridge refinancing reflects broader capital markets dynamics in 2026, where lenders have grown more selective but remain supportive of newly delivered, fully leased multifamily assets in core urban locations. With construction risk removed and a proven rent roll in place, the sponsors were positioned to refinance out of shorter-term construction debt and into a larger bridge facility while preserving flexibility for a permanent takeout.

Multifamily has remained one of the more resilient sectors in U.S. commercial real estate heading into 2026. New supply deliveries are projected to decline sharply — down more than 57% by 2026 compared to recent peak levels — which is expected to tighten availability and support rent growth in well-located markets. Turtle Bay and the broader Midtown East submarket benefit from proximity to major office clusters and transit access along the Lexington Avenue corridor, sustaining demand from professional renters.

Sponsor Track Record and Future Activity

The Anagram Turtle Bay refinancing closes nearly three years after the Global Holdings–MAG Partners–Safanad joint venture was formed. Global Holdings, led by Eyal Ofer, served as the original project sponsor before bringing in MAG Partners and Safanad as joint venture partners in late 2023.

Global Holdings and MAG Partners have continued to expand their partnership beyond Turtle Bay. In April 2026, the two firms announced a joint venture to develop a 149-unit multifamily tower at 122 Varick Street in Manhattan's Hudson Square neighborhood.

The Anagram Turtle Bay property is fully leased as of the refinancing close, with Serafina Mare occupying the nearly 5,000 square feet of ground-floor retail. The 194-unit residential tower is located at 300 East 50th Street, New York, NY 10022.

Sources

• Safanad – M&T Refis 300 East 50th Street Resi Tower With $141M Loan