Global Holdings, MAG Partners and Safanad secure $141 million refinancing

Manhattan, NY Global Holdings, MAG Partners, and Safanad have refinanced Anagram Turtle Bay, the completed 194-unit rental community at 300 East 50^th St. M&T Realty Capital Corp. provided a $141.4 million bridge loan, replacing the property’s original $95 million construction financing from Bank OZK.

The refinancing comes on the heels of the property’s stabilization in under one year and the leasing of its ground floor retail space to Serafina Mare, the restaurant group’s first spinoff concept centered on Italian coastal cuisine. The transaction reflects continued lender confidence in Global Holdings’ vision for the Anagram brand and MAG Partners’ development expertise in delivering multifamily residential offerings in the city’s neighborhoods.

“This refinancing marks an important milestone for Anagram Turtle Bay and reflects the successful execution of our vision for the Anagram brand,” said Josh Feder, CIO at Global Holdings. “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. 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.”

“Great buildings get rewarded twice — first by renters, then by capital markets,” said Jeff Rosen, managing principal and CIO at MAG Partners. “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.”

“We are delighted to partner with Global Holdings and MAG Partners in the long-term success of Anagram Turtle Bay in Midtown East, one of Manhattan’s most convenient neighborhoods,” said Kamal Bahamdan, founder and CEO of Safanad. “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. We take these actions across our real estate portfolio of multifamily and hospitality assets across leading U.S. urban markets, underpinned by deep and long-lasting partnerships, to ensure that these assets are among the most desirable in their communities.”

“Anagram Turtle Bay represents a premier multifamily asset backed by an outstanding sponsorship team, and we are honored to have partnered with Global Holdings, MAG and Safanad on this successful closing,” said Joe Pizzutelli, M&T Realty Capital Corp. head of national production. “This transaction underscores M&T Realty Capital’s commitment to delivering tailored capital solutions and dependable execution for our valued clients across the country.”

Designed by BKSK Architects, the 194 residences within the 23-story tower include its exclusive “Residences From the Top” collection, blending contemporary design with architecture inspired by Turtle Bay’s historic masonry buildings and hidden gardens. Residences feature oversized windows, elevated ceiling heights, Bosch appliances, smart home technology, and curated finishes that balance modern design with everyday functionality. Residents enjoy more than three floors of amenities including a state-of-the-art fitness center, library and coworking lounge, landscaped garden spaces, media lounge and rooftop terrace with panoramic skyline views. 

The site assemblage was originated by Known Point Capital and KRW Realty.

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 successful stabilization of Anagram Turtle Bay also builds on the momentum of Global Holdings and MAG Partners’ growing work together, which recently expanded to include 122 Varick Street in Manhattan’s Hudson Square neighborhood.