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Ben Shaoul Secures $360 Million in Loans for Verizon Building Refit

The financing for the three year loan came from iStar Financial and Stamford-based H/2 Capital.

140 West street

Ben Shaoul’s Magnum Real Estate has closed on a $360 million loan to complete the conversion of Manhattan’s Verizon office building located at  into luxury condominiums, the Mortgage Observer reported. The project is being developed in partnership with the Los Angeles based CIM Group.

The financing for the three year loan came from New York-based iStar Financial and Stamford-based H/2 Capital.

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The new building will be called 100 Barclay Street and is located at the corner of Vesey Street about a block from 1 World Trade Center.

When complete, 100 Barclay will have 166 luxury condominiums spread out over the uppermost 22 floors of the 31 story tower. Once of the two duplex penthouses there has been listed for more than $100 million. The starting price for one of the units, which will range from two, three, four and five bedrooms, will be $2 million.

Verizon will continue to have offices there on its first ten floors.



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