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Shaoul lands $97M loan from SL Green for LES project
Magnum, Real Estate Equities closed on $75M development site this week
SL Green Realty has provided Ben Shaoul’s Magnum Real Estate Group a $97 million loan to acquire and initiate construction on a Lower East Side residential development.
The loan will assist Magnum’s partnership with Real Estate Equities in the development of the 83-unit mixed-use building at 196 Orchard Street, located next to Katz’s Deli.
The building will likely feature retail space to make use of high-traffic frontage along Houston Street, though Shaoul said he has not yet decided if the development will hold rental units or condominiums, according to the New York Observer.
The assemblage of three adjacent properties that will comprise the development site cost Magnum and Real Estate Equities $75 million to close, as The Real Deal reported this week. [NYO] – Rey Mashayekhi