M&T Realty Capital Corp. closes $141.4 million bridge loan for Anagram Turtle Bay in Manhattan
Manhattan, NY M&T Realty Capital Corp. closed a $141.4 million bridge loan for Anagram Turtle Bay, a newly constructed 194-unit multifamily community located at 300 East 50th St. in the city’s Turtle Bay neighborhood. The financing was provided to an ownership group led by Global Holdings, MAG Partners, and Safanad.
Completed in 2025, Anagram Turtle Bay is a 23-story residential tower offering a mix of studio, one-, two-, and three-bedroom apartments, along with street-level retail space. The property features resident amenities such as gardens, a rooftop lounge and fitness studio and includes an affordable housing component as part of New York City’s housing initiatives.
The three-year bridge loan, which includes an extension option, refinanced the property’s construction financing and is designed to support the asset through the final stages of lease-up and stabilization before a planned transition to long-term permanent financing. The financing is structured to provide the sponsorship group with additional runway to continue leasing momentum at the property while positioning the asset for a future agency execution.
“Bridge financing plays an increasingly important role in today’s market, particularly for newly delivered, high-quality multifamily assets that are approaching stabilization,” said Joe Pizzutelli, M&T Realty Capital Corp. head of national production, “Anagram Turtle Bay represents exactly the type of opportunity where bridge capital can create value by providing flexibility and certainty of execution while the property completes its lease-up and transitions to permanent financing. We are proud to partner with Global Holdings on this exceptional asset in one of New York City’s most sought-after residential 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, chief investment officer 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.”