MAG Partners announced the closing of a $210,831,774 refinancing for Ruby, the 480-unit luxury residential tower in Manhattan’s West Chelsea neighborhood. The new financing includes a senior loan from a major Japanese financial institution and a mezzanine loan from funds managed by Oaktree Capital Management, L.P. (“Oaktree”). The project is a joint venture between MAG Partners, Safanad, Blue Owl, and Qualitas.
The transaction refinances the existing mortgage with TYKO and positions the property for long-term stability following its successful lease-up and operational performance. The floating rate, non-recourse loan was arranged by CBRE’s Tom Rugg, Tom Traynor, Peter Griesinger, Arman Samouk, and Kayla Kaloostian. Managing Principal and Chief Investment Officer, Jeff Rosen, led the effort for MAG Partners.
Located across from the Fashion Institute of Technology between Seventh and Eighth Avenues, Ruby is a 480-unit, mixed-income residential development comprised of two towers and approximately 8,500 square feet of ground-floor retail. Thirty percent of the residences are designated as affordable housing.
Designed by COOKFOX and delivered in 2023 as MAG Partners’ first ground-up project, Ruby integrates high-performance building systems and biophilic design principles, creating a sustainable urban living environment inspired by the historic character of the surrounding Garment District.
Retail tenants include Urbana Café & Gallery, Pet Evolution, and wellness company SAINT.
“This refinancing reflects the continued strength of the New York City multifamily market and the performance of Ruby specifically,” said Jeff Rosen, Managing Principal and Chief Investment Officer at MAG Partners. “We are pleased to partner with our lenders on this next chapter for the property and grateful to our partners for their continued alignment and long-term vision.”
“We are delighted to partner with our lenders for the long-term success of Ruby in Manhattan’s iconic West 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 throughout the United States’ leading urban markets, underpinned by deep and long-lasting partnerships, to ensure that these assets are among the most desirable in their communities.”
Ruby is named after Ruby Bailey, an expressive visual and performance artist and master beader, reflecting MAG Partners’ tradition of honoring women of distinction through its residential developments.