M&T Realty Capital Corporation® (M&T RCC) is pleased to announce the closing of a $141.4 million bridge loan for Anagram Turtle Bay, a newly constructed 194-unit multifamily community located at 300 East 50th Street in Manhattan’s Turtle Bay neighborhood. The financing was provided to an ownership group led by Global Holdings, MAG Partners, and Safanad.
Completed in 2025, Anagram Turtle Bay is a 23-story residential tower offering a mix of studio, one-, two-, and three-bedroom apartments, along with street-level retail space. The property features extensive resident amenities such as gardens, a rooftop lounge and fitness studio and includes a significant affordable housing component as part of New York City’s housing initiatives.
The three-year bridge loan, which includes an extension option, refinanced the property’s construction financing and is designed to support the asset through the final stages of lease-up and stabilization before a planned transition to long-term permanent financing. The financing is structured to provide the sponsorship group with additional runway to continue leasing momentum at the property while positioning the asset for a future agency execution.
“Bridge financing plays an increasingly important role in today’s market, particularly for newly delivered, high-quality multifamily assets that are approaching stabilization,” said Joe Pizzutelli, M&T Realty Capital Corporation Head of National Production, “Anagram Turtle Bay represents exactly the type of opportunity where bridge capital can create value by providing flexibility and certainty of execution while the property completes its lease-up and transitions to permanent financing. We are proud to partner with Global Holdings on this exceptional asset in one of New York City’s most sought-after residential neighborhoods.”
“This refinancing marks an important milestone for Anagram Turtle Bay and reflects the successful execution of our vision for the Anagram brand,” said Josh Feder, Chief Investment Officer at Global Holdings. “Our goal from day one was to create a residential community that would resonate with today’s renters while contributing to the continued evolution of the Midtown East neighborhood. Achieving full lease-up so quickly and securing long-term financing speaks to the strength of that vision and demonstrates the enduring demand for thoughtfully designed amenity-rich housing in Manhattan.”
To learn more about M&T RCC and our bridge program, visit mtrcc.com.
About M&T Realty Capital Corporation
M&T Realty Capital Corporation® (www.mtrcc.com) is a wholly-owned subsidiary of M&T Bank (NYSE: MTB) – the principal banking subsidiary of the M&T Bank Corporation, one of the top 15 U.S.-based commercial bank holding companies. M&T Realty Capital Corporation specializes in providing competitive financing nationwide for multifamily properties, commercial income properties, and healthcare facilities. M&T RCC is a fully accredited Fannie Mae DUS® lender, a Freddie Mac Optigo® lender, an approved FHA/HUD MAP and LEAN lender, and offers life insurance company and CMBS financing through correspondent relationships.
About Global Holdings Management Group
Global Holdings Management Group is an international alliance of real estate asset management and investment advisory companies operating across the United States, United Kingdom and Europe. It exclusively develops, advises and manages the real estate assets of Global Holdings Group – which was founded by its Chairman Eyal Ofer – across its residential, commercial and hotel portfolios in these geographies. The current portfolio consists of over 10 million square feet of real estate, comprising over 120 properties and over 1,500 hotel rooms. This news comes on the heels of Global Holdings providing $335 million in construction financing with partners on a six-parcel assemblage at 38 Gramercy Park East, and the firm’s $30 million repositioning of 99 Park Avenue. Global Holdings is responsible for some of the most significant developments in NYC including 15 Central Park West, 18 Gramercy, Greenwich Lane, Anagram Columbus Circle and more.