Affiliates of Simon Baron Development Group LLC have announced a $240 million refinancing of ALTA+, a 467-unit luxury building located at 29-22 Northern Boulevard in Long Island City, New York. The lenders were Société Générale and Deutsche Pfandbriefbank (“PBB”).
Eastdil Secured arranged the financing on behalf of ownership.
“A transaction of this size further validates the strength of the Long Island City market and our vision of the future there. We continue to be impressed by strong leasing velocity in the submarket and we are proud to own such a high quality asset in LIC,” said Matt Baron of Simon Baron Development. “Eastdil did a fantastic job and navigated the transaction seamlessly.”
HKS Real Estate Advisors separately acted as advisor to Simon Baron.
Simon Baron Development currently has more than 2.4 million square feet owned or under development.