Ben Shaoul received $71 million in construction funds to build his Kips Bay dormitory project, the developer confirmed to Mortgage Observer. The prolific buyer and his partner bought the building last December.
The three-year loan, backed by 340 East 24th Street, was provided by Santander Bank.
Mr. Shaoul and private investment firm 40 North Properties nabbed the site, formerly the International Center for the Disabled, for $32.3 million.
Mr. Shaoul’s Magnum Real Estate and 40 North will build a new 146,000-square-foot, 242-unit dorm for the School of Visual Arts on the site, at the corner of 24th Street and First Avenue, according to previous reports. Ismael Leyva Architects will design the building.
The planned 14-story structure is one of many dorm projects in the pipeline for Magnum, Mr. Shaoul has said.
Santander was not immediately available for comment.