Ben Shaoul received $71 million in construction funds to build a dormitory in Kips Bay.
Shaoul, together with 40 North Properties, bought the site for $32.2 million last December.
The three-year loan is backed by 340 East 24th Street and provided by Santander.
Shaoul’s Magnum Real Estate and 40 North will build a 14-story, 146,000-square-foot dormitory with 242 units for the School of Visual Arts. Ismael Leyva Architects will be responsible for the design of the building on the corner of 24th Street and First Avenue. [NYO] — Claire Moses