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M&T RCC closes $141.4M bridge loan for 194-unit Turtle Bay apartments

The three-year bridge loan refinances the property’s construction financing and is set to carry the asset through lease-up and stabilization before moving to permanent funding.

Reported · Written up by our desk · Industry

M&T Realty Capital Corporation (M&T RCC) has closed a $141.4 million bridge loan for Anagram Turtle Bay, a newly built 194-unit multifamily community at 300 E. 50th St. in Manhattan’s Turtle Bay neighborhood, according to ConnectCRE.

The financing was arranged for an ownership group led by Global Holdings, MAG Partners, and Safanad. The bridge loan is structured as a three-year term and includes an extension option.

ConnectCRE said the loan refinances the property’s construction financing and is intended to support the asset through the final stages of lease-up and stabilization.

The plan is for the property to transition to long-term permanent financing after the bridge period.

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