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New York & Tri-State  + Outer  + Finance  | 

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.”

Connect Texas Multifamily will take place August 15, 2019 in Dallas. For more information, or to register, click here.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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