M&T Refis 300 East 50th Street Resi Tower With $141M Loan
Joint venture of Global Holdings, MAG Partners and Safanad secure fresh capital for newly completed multifamily project in Manhattan’s Turtle Bay
By Andrew Coen July 21, 2026 10:03 am
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A joint venture consisting of Global Holdings, MAG Partners and Safanad has sealed $141.4 million of bridge debt to refinance a newly built luxury apartment tower in Midtown Manhattan’s Turtle Bay neighborhood, Commercial Observer has learned
M&T Realty Capital Corporation provided the loan on the sponsorship’s 194-unit Anagram Turtle Bay property at 300 East 50th Street. The deal closed nearly three years after MAG Partners and Safanad joined Eyal Ofer’s Global Holdings as joint venture partners for the project in late 2023 as part of a capitalization that involved Bank OZK supplying $95 million of construction financing.
“Anagram Turtle Bay represents a premier multifamily asset backed by an outstanding sponsorship team,” Joe Pizzutelli, head of national production at M&T Realty Capital Corporation, said in a statement.
The BKSK Architects-designed development features more than 142,000 square feet of residential space with apartment layouts ranging from one- to three-bedrooms. Community amenities include a rooftop terrace, a coworking lounge, a library and a fitness center.
Anagram Turtle Bay also has nearly 5,000 square feet of ground-floor retail space leased to restaurant group Serafina Mare.
“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,” Josh Feder, chief investment officer at Global Holdings, 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.”
Global Holdings and MAG Partners also partnered in April 2026 to develop a multifamily tower at 122 Varick Street in Manhattan’s Hudson Square neighborhood.
“Anagram Turtle Bay leased quickly because it resonated with our residents,” Jeff Rosen, managing principal and chief investment officer at MAG Partners, said in a statement. “This refinancing is the market’s second vote of confidence.”
Andrew Coen can be reached at acoen@commercialobserver.com.
