Quadrum Global and Simon Baron Development obtained a $150 million construction loan for their 42-story Long Island City rental project, the developers told The Real Deal.
AIG is serving as the lender on the 467-unit, 500,300-square-foot tower at 29-26 Northern Boulevard. The project is slated for completion in early 2018.
HKS Capital Partners’ Ayush Kapahi brokered the financing on behalf of the sponsors. He could not immediately reached for comment.
Quadrum and Simon Baron bought the site for $54 million in 2014 and has largely followed through with Rabsky Group’s previous plans for it.
The developers have also partnered on the Upper West Side condominium building the Chamberlain, the Arlo NoMad hotel in NoMad, and the Upper West Side rental 393 West End Avenue. The 250-key hotel opened earlier this month.
Last month, Quadrum, a London-based development firm headed by Oleg Pavlov and Seth Schumer, put a 1.5-acre Greenpoint development site on the market for $60 million.