Magnum Real Estate signs $74.9M condo inventory loan with Ares Commercial in FiDi

Magnum Real Estate Group, through the entity 140 West Street (NY) A2, LLC as borrower signed a condo inventory loan with lender Ares Commercial Real Estate Management valued at $74.9 million for 30 residential units and one commercial unit at 140 West Street in the Financial District,
Manhattan.
The deal closed on April 13, 2021 and was recorded on May 5, 2021.

The signatory for Magnum Real Estate Group was Benjamin Shaoul. Benjamin Shaoul is the president of Magnum Real Estate Group. The signatory for Ares Commercial Real Estate Management was Elaine McKay.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 162 residential units on April 7, 2016. There was a condominium project filed with the address 100 Barclay Street and the name 100 Barclay on May 1, 2014. The principals of the sponsor, 140 West Street (ny), Llc, were Benjamin Shaoul and Charles Garner II. link

Direct link to Acris document. link