NEW YORK, NY — April 20, 2026, MAG Partners and Safanad today announced the closing of a $148,700,000 bridge loan from Real Estate at Goldman Sachs Alternatives, refinancing the construction loan for Mabel, the newly completed mixed-income residential building located at 335 Eighth Avenue in Manhattan’s Chelsea neighborhood.
The refinancing follows the successful delivery and rapid lease-up of the 188-unit building, which is now fully leased less than one year after completion, underscoring strong demand for high-quality, mixed-income housing in the neighborhood. The loan was arranged by JLL’s Jillian Mariutti, Geoff Goldstein, Stephen Van Leer and Rob Hinckley. Managing Principal and Chief Investment Officer, Jeff Rosen, led the effort for MAG Partners.
Mabel features a mix of market-rate and affordable residences developed under the Affordable NY Program, with 30 percent of units reserved for low- and middle-income New Yorkers. The building also includes a 23,000-square-foot ground-floor grocery store leased to Lidl, which is expected to open in Fall 2026, bringing a high-quality, affordable food option to the Chelsea community.
The refinancing reflects both the strong performance of the asset and continued institutional confidence in well-located, thoughtfully executed multifamily housing in New York City.
“The closing of this financing is a significant milestone for Mabel and a testament to the strength of the asset we’ve delivered,” said Jeff Rosen, Managing Principal and Chief Investment Officer at MAG Partners. “The exceptional leasing performance validates the quality of the product, and we’re pleased to partner with Goldman Sachs and Safanad as we move forward.”
“We are delighted to partner once again with MAG Partners, and also Goldman Sachs as lender, in the long-term success of Mabel in Manhattan’s iconic Chelsea neighborhood, one of the most dynamic submarkets in Manhattan,” 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.”
The COOKFOX-designed building integrates into the Penn South campus and contributes to the long-term financial sustainability of the cooperative through its ground lease structure, supporting affordability for nearly 5,000 residents.
About MAG Partners
MAG Partners is a woman-owned, urban real estate company with decades of experience developing impactful, iconic, large-scale projects throughout New York City. Led by MaryAnne Gilmartin, the MAG Partners team has successfully designed, built and operated over 7 million square feet of office, residential, and mixed-use projects, including more than 2,000 units of housing, with a total value exceeding $4.5 billion. The firm believes and has proven that principles of beauty, diversity, and sustainability create lasting value.
For more information, please visit www.magpartners.com.
About Safanad
Safanad is a principal-led investment company that builds world-class businesses. We deliver enduring value by investing with conviction, operating with an athlete’s discipline, and aligning with our management teams and investors to grow great businesses for the long-term. Safanad owns investment and operating platforms in Digital Infrastructure, Education, Healthcare, and Real Estate and we are co-headquartered in New York and Riyadh.
For more information, please visit www.safanad.com.
About Real Estate at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $625 billion in assets and more than 30 years of experience. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has more than $3.6 trillion in assets under supervision globally as of 31 December 2025.
Established in 1991, Real Estate at Goldman Sachs Alternatives is one of the leading investors in real estate with over $60 billion in capital invested since 2012 across the spectrum of investment strategies from core to opportunistic and credit. The global team invests across all sectors with deep expertise across the capital structure, in assets ranging from single properties to large portfolios, through senior mortgages, mezzanine debt and equity.
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About JLL
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.