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LIC’s ALTA+ Rentals Back $240M Refi
Affiliates of Simon Baron Development Group LLC have closed on a $240-million refinancing of ALTA+, a 467-unit co-living rental building at 29-22 Northern Blvd. in Long Island City. The lenders were Société Générale and Deutsche Pfandbriefbank.
Eastdil Secured arranged the financing on behalf of ownership. HKS Real Estate Advisors separately acted as advisor to Simon Baron.
“A transaction of this size further validates the strength of the Long Island City market and our vision of the future there,” said Matt Baron of Simon Baron Development. “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.”
He added, “Eastdil did a fantastic job and navigated the transaction seamlessly.”
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