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

Projects expected to cost $350 million

TRD New York /
Oct.October 15, 2014 05:40 PM

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.


Related Articles

arrow_forward_ios
108 Leonard Street with Nicole Kidman and Keith Urban (Google Maps, Getty)

Nicole Kidman, Keith Urban nab condo at Tribeca clock tower condo conversion

Nicole Kidman, Keith Urban nab condo at Tribeca clock tower condo conversion
Ryan Serhant (Credit: Ryan Serhant via YouTube)

Ryan Serhant’s $50K cash offer to buyers’ agents ruffles feathers

Ryan Serhant’s $50K cash offer to buyers’ agents ruffles feathers
Magnum Real Estate Group's Ben Shaoul (Credit: Getty Images and iStock)

Ben Shaoul uses Bitcoin to sell retail condo for $15M

Ben Shaoul uses Bitcoin to sell retail condo for $15M
Magnum Real Estate's Ben Shaoul and 385 First Avenue (Credit: Getty Images and StreetEasy)

Investor linked to detained Chinese oil tycoon snaps up 10 condos at Ben Shaoul’s Gramercy Park tower

Investor linked to detained Chinese oil tycoon snaps up 10 condos at Ben Shaoul’s Gramercy Park tower
Gale Brewer proposes women’s jail at Lincoln Correctional Facility (Credit: Getty Images and iStock)

Gale Brewer wants to turn “prime, trophy real estate” into women’s jail

Gale Brewer wants to turn “prime, trophy real estate” into women’s jail
David Bistricer and 21 West 86th Street (Credit: Studio Scrivo, Google Maps)

Clipper Equity plans $204M conversion of UWS rental

Clipper Equity plans $204M conversion of UWS rental
Centurion shooting for $403M sellout with UWS condo conversion

Centurion shooting for $403M sellout with UWS condo conversion

Centurion shooting for $403M sellout with UWS condo conversion
Shvo, partners to convert 685 Fifth Avenue into Mandarin Oriental condos

Shvo, partners to convert 685 Fifth Avenue into Mandarin Oriental condos

Shvo, partners to convert 685 Fifth Avenue into Mandarin Oriental condos
arrow_forward_ios

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

Loading...