Simon Baron Development has secured a $240 million loan package from Société Générale + Deutsche Bank to refinance 29-22 Northern Boulevard in Long Island City. The 43-story rental tower spans 500,302 SF, and contains 467 units.
- Be Smart: This comes eight months after the developer bought out Quadrum Global’s 96.45 percent stake in the property for $313.2 million, according to TRD. A consortium of lenders that included AIG Investments, the United States Life Insurance Company, and the Union Fire Insurance Company of Pittsburgh provided $200.8 million to facilitate the deal at the time.
- Financing details: The new loan package replaces the previous debt and includes a new $40 million mortgage.
- Worth Noting: Co-living startup Ollie is managing 14 floors of the building, which houses 169 micro-suites and over 422 beds. With a beautiful building that benefits from great access to nearby subways, this is a good test for the viability of the co-living model.