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

TRD New York /
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.


Related Articles

arrow_forward_ios
Nearly 60% of condo units built in Long Island City, Queens, since 2018 remain unsold. (iStock)

“You’ve either made the wrong shoes, or you’ve made too many”: LIC faces a serious condo glut

“You’ve either made the wrong shoes, or you’ve made too many”: LIC faces a serious condo glut
Square Mile Capital’s Craig Solomon and Hackman Capital Partner's Michael Hackman with Silvercup Studios at 42-22 22nd Street in Long Island City (Hackman; AAK via Wikipedia Commons)

Hackman, Square Mile in talks to buy Silvercup Studios

Hackman, Square Mile in talks to buy Silvercup Studios
48-49 35th Street in Long Island City and North River Company's Forrest Mas (Google Maps, North River Company)

Maquette doubles space at Matsil Building in Long Island City

Maquette doubles space at Matsil Building in Long Island City
A rendering of the site at 44-02 Vernon Boulevard in Long Island City and Douglas Durst

Owners of LIC’s “Lake Vernon” notch win in tug-of-war with Durst

Owners of LIC’s “Lake Vernon” notch win in tug-of-war with Durst
Clockwise from top left: 190 Beach 69th Street, 47-20 Center Boulevard and 2505 Bruckner Boulevard

These were the top outer borough loans last month

These were the top outer borough loans last month
From left: Eagle Lofts at 43-22 Queens Street in Long Island City, 292 North 8th Street in Williamsburg and The Landing at 15 Bridge Park Drive in Brooklyn Heights (Credit: Rockrose Development, Stonehill & Taylor Architects and StreetEasy)

Rockrose’s $350M haul tops March list of outer-borough loans

Rockrose’s $350M haul tops March list of outer-borough loans
38-42 12th Street (Credit: Google Maps)

Joint venture plans 400K sf commercial project for LIC

Joint venture plans 400K sf commercial project for LIC
The Real Deal interviews TF Cornerstone's Tom Elghanayan at REBNY's 124th annual banquet.

TF Cornerstone exec: How I got over Amazon dumping LIC

TF Cornerstone exec: How I got over Amazon dumping LIC
arrow_forward_ios

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

Loading...