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

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.

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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.