Real Estate
Home›Real Estate›Mortgages›M&T funds $141.4M bridge loan refinancing Anagram Turt…
M&T funds $141.4M bridge loan refinancing Anagram Turtle Bay in Midtown
The refinancing covers a 194-unit luxury apartment tower that includes more than 142,000 square feet of homes and nearly 5,000 square feet of ground-floor retail.
Commercial Observer reports that a joint venture between Global Holdings, MAG Partners and Safanad has closed $141.4 million of bridge debt to refinance Anagram Turtle Bay, a newly built luxury apartment tower at 300 East 50th Street in Midtown Manhattan’s Turtle Bay neighborhood.
The outlet says the bridge loan was provided by M&T Realty Capital Corporation and the deal comes nearly three years after the partners joined Global Holdings for the project in late 2023, when Bank OZK supplied $95 million in construction financing.
Commercial Observer adds that the development was designed by BFSK Architects and offers apartment layouts from one- to three-bedrooms across more than 142,000 square feet of residential space, along with a rooftop terrace, coworking lounge, library and fitness center.
The tower also includes nearly 5,000 square feet of ground-floor retail space leased to restaurant group Serafina Mare, and the joint venture said it has seen strong leasing, with statements highlighting that the refinancing reflects continued demand for amenity-rich housing in Manhattan.