MAG Partners Secures $149M Refinance Loan From Sumitomo Mitsui Banking Corporation For Chelsea Multifamily

The property asset involved in this transaction is a 480-unit residential building located at 241 West 28th Street in Chelsea, Manhattan. The building has a total square footage of 431,428 and is part of the multifamily asset type market. The refinance associated with this property amounted to $149,000,000.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $149,000,000
• Address: 241 West 28th Street
• Market: Chelsea, Manhattan
• Lender: Sumitomo Mitsui Banking Corporation
• Landlord: MaryAnne Gilmartin - MAG Partners
• Loan Type: Refinance
• Units: 480
• Square Footage: 431,428
• Prior Debt: $145,000,000 from Elliott Investment Management
• Deal Closed: March 13, 2026
• Recording Date: March 20, 2026

The refinance was secured by MAG Partners through 241 West 28th Street Owner LLC. This transaction replaced prior debt held by Elliott Investment Management, demonstrating a strategic financial repositioning by the landlord MaryAnne Gilmartin. The loan was facilitated by Sumitomo Mitsui Banking Corporation, indicating a significant lender involvement in the multifamily sector within Manhattan.