The building was first constructed in 2007, but fell victim to the recession, Purdy said. According to Atlantic County property records Purdy bought the almost three-acre site for $615,000 in July 2015 from Casaba Real Estate Holdings Corp in Cape May, a division of Cape Bancorp. By then the building had been vandalized and was just a shell. Purdy also has a $1.8 million mortgage on the site.
Source : http://www.pressofatlanticcity.com/education/stockton-university-adding-new-housing-for-students-in-galloway/article_98b68f7a-4d30-11e6-8dda-671f37738926.html