MRC Provides $173M Construction Loan for MAG Partners' West Chelsea Rental Project
Manhattan is back on the rise. Madison Realty Capital has closed a $173 million construction loan for the development of 241 West 28th Street with an esteemed sponsorship group lead by MaryAnne Gilmartin of MAG Partners as well as Atalaya and Qualitas. The developers were provided a three-year financing at 65 percent loan-to-cost. The marquee 479-unit multifamily rental building, located within a few blocks of Hudson Yards and other prominent tech tenant expansions on the West Side, will be one of the only new multifamily rental projects built in Manhattan in the next few years. MRC has been actively lending and investing through COVID-19, and in this case filled the void customarily financed by conventional banks.