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Simon Baron lands refi for LIC rental tower

29-22 Northern Boulevard. Credit: Citi Habitats

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.

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