MAG Partners, Safanad form new joint venture

Partnership is targeting $2B to $3B in deals

New York /
Dec.December 08, 2020 04:43 PM
MAG's MaryAnne Gilmartin and Safanad's Andrew Trickett (Getty)

MAG’s MaryAnne Gilmartin and Safanad’s Andrew Trickett (Getty)

 

MAG Partners will bring the development experience, and Safanad will bring the capital.

That’s the setup of a new joint venture between the companies, which is targeting $2 to $3 billion worth of deals, the firms told The Real Deal. Eventually, the joint venture will pursue ground-up development, but in the short-term, it is looking at distressed properties and projects, as well as building conversion opportunities.

The companies are already working together on a 479-unit rental building at 241 West 28th Street in Chelsea. The firms, along with partners Atalaya Capital Management and Qualitas, secured a $173 million construction loan for the project in October.

MaryAnne Gilmartin launched MAG Partners, a spin-off from the firm she formed with L&L Holding’s David Levinson and Robert Lapidus, in December 2019. Gilmartin noted that while her priority since leaving Forest City Ratner in 2018 has been new development, the pandemic has shifted her focus. She described the new arrangement —which will acquire sites and pursue deals as a general partner — as “MAG Partners fueled by Safanad.”

Safanad, a private equity firm that launched in 2009, tapped Oxford Properties Group’s Andrew Trickett in 2018 to help grow its New York real estate operations. Trickett called the joint venture with MAG a “convergence of capital and expertise.”





    Related Articles

    arrow_forward_ios
    Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
    Charter school takes 85K sf in Queens condo building
    Charter school takes 85K sf in Queens condo building
    (IStock illustration by Kevin Rebong)
    Smaller cities look to cash in on shift to remote work
    Smaller cities look to cash in on shift to remote work
    421-427 East 14th Street (Google Maps, iStock)
    Stuy Town to get new 17K sf grocery store
    Stuy Town to get new 17K sf grocery store
    Photo illustration of Mayor Bill de Blasio as Uncle Sam (iStock, Getty/Illustration by Kevin Rebong)
    NYC has $1.3B in unpaid property taxes
    NYC has $1.3B in unpaid property taxes
    Photo illustration of RXR Realty CEO Scott Rechler (Getty, iStock)
    Office landlords offer no-wait Covid tests to lure workers back
    Office landlords offer no-wait Covid tests to lure workers back
    (iStock/Illustration by Alexis Manrodt for The Real Deal)
    Manhattan job losses in Q3 worst of any large county in the US
    Manhattan job losses in Q3 worst of any large county in the US
    Rudin Management's Bill Rudin, 1675 Broadway and Gannett CEO Mike Reed (Getty, Google Maps, Gannett)
    Gannett to move its NYC office two blocks north
    Gannett to move its NYC office two blocks north
    A rendering of the facility at 1029 Newark Avenue in Elizabeth, Fidelco chairman Marc Berson and Elberon Development Group chairman Ann Evans Estabrook (Photos via JLL, Fidelco and Elberon)
    Cold storage facility in New Jersey gets $34M loan
    Cold storage facility in New Jersey gets $34M loan
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...