MaryAnne Gilmartin’s MAG Partners has quietly pulled off a sizeable move in Chelsea, converting construction debt into bridge financing for Mabel, its newly completed mixed-income building, and locking in roughly $148.7 million as the property edges toward full occupancy.
The seven-story project, a blend of market-rate and affordable apartments, wrapped construction within the last year and sprinted from initial lease-up to what is essentially a stabilized building.
As reported by The Real Deal, the new loan from Goldman Sachs Alternatives refinances the project’s construction debt. The outlet noted that strong early leasing turned the refinance into a competitive deal among lenders.
Loan Terms, Retail And Occupancy
According to Commercial Observer, the bridge package totals $148.7 million and fully replaces the original construction financing.
Mabel, at 335 Eighth Avenue, holds 188 residential units and roughly 25,000 square feet of resident amenities. On the ground floor, a 23,000-square-foot grocery space has been leased to Lidl, which is expected to open this fall, giving the block a new discount supermarket.
Jeff Rosen, MAG’s managing principal and chief investment officer, told Commercial Observer, “The Mabel refinance is a strong validation of both the asset and our broader multifamily strategy.” He added that lease-up “significantly exceeded expectations,” with occupancy topping 95 percent at market rents in record time.
Why Lenders Bit
Per MAG Partners, Mabel was developed alongside Safanad and MetLife Investment Management under the Affordable NY program and designed by COOKFOX with a focus on sustainability and shared amenity space. That track record, paired with an amenity-heavy product, helped give MAG a story institutional lenders were willing to back.
Industry coverage points to a 2026 lending landscape that is choosy and tilted toward stabilized, well-leased multifamily assets in primary markets, which helps explain why a deal like this rose to the top of the stack. For wider perspective on how capital is being deployed in the sector, Inman notes that money is available but increasingly segmented by asset quality and sponsor strength.
For Chelsea residents, the most visible payoff is straightforward: a new Lidl at street level and expanded amenity space upstairs for tenants. For MAG Partners, the refinancing takes construction risk off the table and turns Mabel into a capital platform that can be redeployed across the firm’s New York pipeline, a reminder that well-executed mixed-income projects can still win institutional support in a cautious credit environment.
