The Real Deal New York

Ben Shaoul no longer looking to sell Bloom 62

Developer instead grabs $63M in financing for property
By Mark Maurer | Twitter_logo_blue copy August 12, 2015 04:35PM

After shopping around his East Village rental building known as Bloom 62 for months, Ben Shaoul opted not to sell – and instead secured $63 million in recapitalization financing.

Santander Bank provided a $44 million senior loan, while TPG Capital gave $19 million in mezzanine financing, according to a spokesperson for JLL, which handled the deal.

Shaoul, president of Magnum Real Estate Group, converted the former home of the Cabrini Center for Nursing and Rehabilitation at 62 Avenue B, between East 4th and 5th streets, into a six-story, 81-unit apartment property in 2013. The developer listed it for $73 million in November, and then for $80 million in March.

Shaoul confirmed to TRD that the 81,100-square-foot property is no longer on the market.

A JLL team led by Aaron Appel, Michael Diaz and Mark Kindrachuck represented both sides.

Last month, Shaoul sent a memo to building residents announcing the closure of the rooftop as a result of “excessive parties.”