The Real Deal New York

Simon Baron lands $105M refi loan for UWS rental project

The company bought out Quadrum Global’s stake last year
By Meenal Vamburkar | March 05, 2019 09:00AM

393 West End Avenue with Simon Baron Development Group’s Matt Baron (Credit: Google Maps)

After buying out its partner last year, Simon Baron Development Group has landed a $105 million loan to refinance the Upper West Side rental project.

The new loan for the building at 393 West End Avenue was provided by M&T Bank and refinances the existing $70 million of debt, HKS Real Estate Advisors said in a statement. Ayush Kapahi, a principal at HKS, negotiated the financing.

The deal comes after Simon Baron acquired a 98 percent stake in the project last year. The company — headed by Jonathan Simon and Matthew Baron — bought out partner Quadrum Global’s stake in the building for $131 million. The purchase was funded with a loan from Ascend Real Estate Partners.

The 16-story property spans about 134,000 square feet and contains 114 units. In 2012, Simon Baron partnered with London-based hedge fund Cube Capital to buy the property for $68.3 million. A year later, Cube spun out its real estate business into a new entity, Quadrum Global.

Simon Baron and Quadrum Global have partnered on several properties, including ALTA LIC, a luxury rental building at 29-22 Northern Boulevard in Long Island City. Last year, Simon Baron landed a $201 million loan to buy out Quadrum’s stake in the 467-unit project, which includes co-living units managed by Ollie. The transaction, which involved a 96 percent stake in the 43-story tower, was valued at $313 million.

The two companies also partnered on the Arlo Hotel in NoMad and the Chamberlain in the Upper West Side.