Simon Baron lands $201M loan to buy out Quadrum’s stake in LIC resi tower

The lender is a consortium headed by AIG Investments

New York /
Oct.October 25, 2018 12:01 PM

From left: Matthew Baron, 29-22 Northern Boulevard, and Jonathan Simon (Credit: Ollie and Leeding Builders Group)

Simon Baron Development landed a $200.8 million loan for its acquisition of its partner’s stake in a 467-unit Long Island City apartment complex.

The firm, headed by Jonathan Simon and Matthew Baron, closed on its purchase of Quadrum Global’s interest in the ALTA LIC earlier this week. The transaction, which involved a 96.45 percent stake in the 43-story tower, was valued at $313.2 million.

Simon Baron is funding the purchase with a loan from a consortium of lenders that includes AIG Investments, the United States Life Insurance Company and the Union Fire Insurance Company of Pittsburgh. The loan package includes $50.8 million in new financing.

The property, at 29-22 Northern Boulevard, is billed as the largest ground-up co-living development in the country, with 14 floors of co-living units (from floors two to 16). The apartments, which are managed by co-living firm Ollie, have monthly rents ranging from $1,380 to $2,063.

Simon Baron also recently bought out its partner’s interest in an Upper West Side rental property. Simon Baron paid $131 million for Quadrum’s 97.8 percent stake in 393 West End Avenue, a 16-story, 114-unit rental building at the corner of West 79th Street.

The two firms continue to partner on a number of properties, including the Arlo Hotel in NoMad and The Chamberlain in the Upper West Side.

HKS Real Estate Advisors’ Ayush Kapahi negotiated the financing. Simon Baron did not immediately return requests for comment.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Alan Feldman, chief executive officer, president & chairman of the board, Resource REIT; Stephen Schwarzman, chairman, ceo & co-founder, Blackstone (Resource REIT, Getty Images, 1000 Spalding Apartment Homes)
Blackstone to pay $3.7B for REIT in latest rental push
Blackstone to pay $3.7B for REIT in latest rental push
360 Kingsland Avenue in Greenpoint, Brooklyn (Google)
Sitex Group pays $30M for Greenpoint industrial property
Sitex Group pays $30M for Greenpoint industrial property
(Getty)
Intel investment in new Ohio chip plant could reach $100B
Intel investment in new Ohio chip plant could reach $100B
In the days after Hong Kong circulated its latest virus measures this month, several shops, bars and eateries said they would close (Geology.com, iStock)
Hong Kong businesses struggle with fallout of city’s zero-Covid policy, supply chain woes
Hong Kong businesses struggle with fallout of city’s zero-Covid policy, supply chain woes
No Joke: Pete Davidson (left) and Colin Jost just purchased a Staten Island Ferry boat. (Getty)
Floating real estate: Colin Jost, Pete Davidson buy Staten Island Ferry boat
Floating real estate: Colin Jost, Pete Davidson buy Staten Island Ferry boat
Vicky Ward (CNN)
Vicky Ward breaks down New York State’s Trump investigation
Vicky Ward breaks down New York State’s Trump investigation
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...