Ben Shaoul gets $270M in loans for East Side condo conversions

UPDATED, 2:40 p.m., October 18: Ben Shaoul now has the funds he needs to close on the purchase of two apartment buildings along Manhattan’s East Side and convert them into condos. The developer and founder of Magnum Real Estate Group received two loans totaling $270 million for the Post Toscana at 389 East 89th Street and the Post Luminaria at 385 First Avenue.

Shaoul, who heads Magnum Real Estate Group, received the loans from RCG Longview and a JPMorgan Chase affiliate, according to the New York Observer. The deal was brokered by JLL.

The 33-story Post Luminaria, which is listed in city records at $158.5 million, contains 138 apartments with an additional 9,400 feet of retail space. The 199-unit Post Toscana has 11,700 feet of retail space, with a purchase price of $111.5 million. Both were purchased from Atlanta-based Post Properties.

The cost of the projects totals $350 million, which means the loans will only cover the purchase of both buildings, their pre-development phases and some of the early-stage construction. [NYO] — Kerry Barger

Correction: An earlier version of this article incorrectly stated who provided the loans. RCG Longview and a JPMorgan Chase affiliate were the lenders.