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MAG Partners Announces Construction Financing for 480-Unit Affordable New York Development in Chelsea Construction to begin in November GlobeNewswire October 23, 2020 New York, NY, Oct. 23, 2020 (GLOBE NEWSWIRE) -- MAG Partners today announced that it has secured a $173 million construction loan from Madison Realty Capital that will allow work to commence next month on a 479-unit rental residential building at 241 W. 28th Street in Chelsea. The project will be developed under the Affordable NY program with 30 percent of its units reserved for low- and middle-income New Yorkers. Renowned architecture firm COOKFOX has designed the building. The project is a joint venture between MAG Partners, Safanad, Atalaya Capital Management and Qualitas, one of the biggest asset managers in Australia.