JV Secures $150M Construction Loan for Queens Tower
AIG is providing the financing for the luxury community, set to open in early 2018.
New York—Quadrum Global, in partnership with Simon Baron Development, secured a $150 million construction loan for a luxury residential tower in Long Island City, Queens. Located at 29-26 Northern Blvd., the 42-story tower will offer 467 apartments and a state-of-the-art amenity space including an indoor swimming pool and fitness center.
AIG is providing the financing for the development, slated to open in early 2018, which has already begun construction. Ayush Kapahi of HKS Capital Partners sourced the financing on behalf of Quadrum and Simon Baron.
“Long Island City has quickly become one of the most desirable places to live in the New York Metro Area,” said Oleg Pavlov, Quadrum’s founder & CEO. “Our partnership with Simon Baron has brought to market some of the most successful residential and hotel developments in New York City and this financing will allow us to deliver another outstanding project.”
This project is the latest joint venture for the two companies, as they have partnered on several other residential buildings and a hotel including The Chamberlain, 393 West End Ave. and Arlo NoMad in Manhattan and 45-40 Vernon Blvd. in Queens.