A freshly delivered rental tower in Manhattan’s Turtle Bay just locked in a nine-figure refi, as one of Midtown East’s newest multifamily projects trades its construction debt for a more flexible lifeline.
M&T Realty Capital Corp. has closed a $141.4 million bridge loan to refinance Anagram Turtle Bay, the newly completed 194-unit, 23-story rental tower at 300 East 50th Street. The financing replaces construction debt and is structured as a three-year bridge with an extension option that gives the owners extra runway during lease-up. The sponsorship group is led by Global Holdings alongside MAG Partners and Safanad, and the deal highlights ongoing lender appetite for stabilized multifamily product in Midtown East.
The financing
The floating-rate bridge was provided by M&T Realty Capital Corp. and is designed to carry the asset through final lease-up and a planned transition to long-term agency financing, according to New York Real Estate Journal. In that coverage, Joe Pizzutelli, head of national production at M&T Realty Capital, called Anagram Turtle Bay "exactly the type of opportunity where bridge capital can create value" and said bridge financing is playing an increasingly important role in today’s market.
Sponsors and terms
The loan sits on top of a capital stack assembled when Global Holdings brought MAG Partners and Safanad into the project. MAG Partners notes that the new financing replaces an earlier construction facility and reflects the building’s leasing momentum. The firm also reports that the roughly 5,000 square feet of ground-floor retail has been leased to restaurant group Serafina Mare, a tenancy the developers say helped support the case for the refinancing.
Building and neighborhood
Designed by BKSK Architects, Anagram Turtle Bay offers a mix of studio through three-bedroom apartments and delivers roughly 30 percent of its units under the Affordable New York program, according to CityRealty. The property features more than three floors of resident amenities, including landscaped gardens, a rooftop lounge and a fitness studio. The building’s reception from renters was swift: Commercial Observer reported that Anagram Turtle Bay stabilized in under a year and logged strong early leasing performance.
