MAG Partners has closed a $210.83 million refinancing for Ruby, the 480-unit luxury residential tower in Manhattan’s West Chelsea neighborhood. The new financing includes a senior loan from a major Japanese financial institution and a mezzanine loan from funds managed by Oaktree Capital Management. The project is a joint venture between MAG Partners, Safanad, Blue Owl and Qualitas.
The transaction refinances the existing mortgage with TYKO and positions the property for long-term stability following its successful lease-up and operational performance. The floating rate, non-recourse loan was arranged by CBRE’s Tom Rugg, Tom Traynor, Peter Griesinger, Arman Samouk and Kayla Kaloostian. Managing principal and CIO, Jeff Rosen, led the effort for MAG Partners.
Located across from the Fashion Institute of Technology between Seventh and Eighth Avenues, Ruby is a 480-unit, mixed-income residential development comprising two towers and approximately 8,500 square feet of
