Alta, 29-22 Northern Boulevard, Long Island City, Queens
NEW YORK CITY—Square Mile Capital has made a $138.5 million preferred equity investment as part of the recapitalization of Alta, a 43-story residential building. The 467-unit apartment project with ground floor retail is located at 29-22 Northern Boulevard in Long Island City, Queens. The development broke ground in 2015, was completed this year, and began leasing in May.
Alta, which has market-rate rentals and furnished apartments, is managed by Ollie which focuses on “co-living” residences. This apartment lifestyle means a residence focused on building communities by offering extensive amenities and programs. For example, Alta has a 10,000 square-foot fitness gym, a 50-foot swimming pool, multiple roof decks, a golf simulator and dog spa.
“Queens Plaza stands at the epicenter of the Long Island City rebirth,” says Matthew Baron, president of Simon Baron. “We look forward to implementing a great strategic capital relationship with Square Mile Capital, a firm that shares our vision.”
“We saw this as an extremely attractive opportunity to provide a capital solution to a superior asset, tailored to meet the long-term objectives of Simon Baron, a talented and rapidly expanding developer,” says Square Mile Capital principal Elliot Rattner.
Last week, The Real Deal reported that the development firm headed by Jonathan Simon and Matthew Barron received a $200.8 million loan to buy out its partner at Alta, Quandrum Global. The publication wrote the purchase was for Quandrum's 96.45% stake in the apartment complex, and was valued at $313.2 million. The Real Deal stated that the loan was from a group of insurance company lenders including AIG Investments. Commercial Observer reported that this loan refinanced $150 million of the property's construction debt and paid for the purchase of the stake in the co-living asset.
Both publications note that Simon Baron and Square Mile have joined forces as partners in a handful of residential and hotel projects in New York City.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
