Simon Baron gets $240M refi for what’s billed as country’s largest co-living project

Queens project at 29-22 Northern Boulevard will have 14 floors of co-living units

Jun.June 25, 2019 01:15 PM
29-22 Northern Boulevard in Long Island City and Simon Baron Development president Matthew Baron (Credit: Ariel Property Advisors)

29-22 Northern Boulevard in Long Island City and Simon Baron Development president Matthew Baron (Credit: Ariel Property Advisors)

Simon Baron Development has landed a $240 million refinancing for its massive co-living project at 29-22 Northern Boulevard in Long Island City.

The lenders were Société Générale and Deutsche Pfandbriefbank, and the loan also includes a new $40 million mortgage, according to property records.

Eastdil Secured arranged the financing for Simon Baron, and HKS Real Estate acted as an advisor to the company.

Simon Baron president Matt Baron said in a statement that the size of the transaction “further validates the strength of the Long Island City market and our vision of the future there.”

Simon Baron landed a $200.8 million loan late last year to buy its partner Quadrum Global’s stake in the project, which is known as the ALTA LIC apartment complex. The deal was valued at $313.2 million for a 96.45 percent stake in the 43-story tower.

The Queens development will include 467 units and is billed as the largest ground-up co-living development in the country. It will feature 14 floors of co-living units managed by Ollie.

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