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
A rendering of 22-43 Jackson Avenue (Credit: StreetEasy)

Trader Joe’s heading to Long Island City, brokers confirm

From left: Simon Baron Development's John Simon, TF Cornerstone's Frederick Elghanayan, and MaryAnne Gilmartin (Credit: Getty Images)

Plaxall joins planning group for post-Amazon development

Clockwise from left: 24-02 49th Avenue, 1260 Zerega Avenue and 60 Furman Street (Credit: Google Maps)

Bronx deal cracks list of top outer-borough loans

L&L MAG CEO MaryAnne Gilmartin, 44-02 Vernon Boulevard in Long Island City and Douglas Durst (Credit: Google Maps)

Durst deadlocked with owners of prime LIC site

29-28 41st Street, and from left: Arik Lifshitz Amit Doshi, Adan Elias Kornfeld, Jonathan Shainberg and David Schechtman (Credit: Google Maps)

Long Island City building fetches $47M in wake of rent law

Rendering of the Staybridge Suites at 38-59 11th Street

Long Island City hotel project moves forward with construction loan

42-50 24th Street and (from left) Arnold, Kenneth, Steven and Winston Fisher (Credit: Google Maps)

Fisher Bros. wants to bring a 240-unit mixed-use project to LIC

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

arrow_forward_ios
Loading...