You are reading

$175 million loan secured to finance 12-story mixed-use development in Woodside

SOLA Woodside. Rendering via M.N.S. Real Estate

July 16, 2024 By Ethan Marshall

Eight West, an affiliate of the real estate firm The Hakimian Organization, announced that a $175 million construction take-out loan has been secured to finance SOLA, its newest mixed-use development located in Woodside. SOLA is scheduled to hold its grand opening on Monday, July 22.

The loan was provided by the asset management and investment advisory firms Apollo Global Management and Lionheart Strategic Management.

Located at 72-01 Queens Blvd., SOLA is 12 stories tall and has 364 units, with 30% dedicated for workforce and affordable housing. The housing units range from studios that may be as small as 350 square feet to three bedrooms as big as 1,200 square feet. Pricing for prospective renters will cost between $3,050 and just over $5,000 a month.

Amenities within the units include two-tone custom cabinets with Silver Oak and Fume palettes, white quartz countertops, stainless steel appliances, dishwashers, washers and dryers, electric ranges, microwaves, refrigerators, bathroom wood vanities, floor-to-ceiling windows, and keyless entry. Certain units will also have private terraces.

Those who end up residing at SOLA will also have access to 28,000 square feet of indoor and outdoor amenity space. Indoor amenities include a music room, an art room, a kids’ room, a fitness center with a yoga studio and boxing ring, a lounge, co-working spaces and a screening room. Outdoor amenities include a dog park, a pet spa, a playground, outdoor recreational space and a Zen garden. Other amenities include bike storage, a golf simulator, an accessible rooftop and 196 parking spaces.

The financing process for this loan was handled by the commercial real estate advisor Newmark on behalf of Eight West. This team consisted of Jordan Roeschlaub, Nick Scribani, Peter Griesinger and Max Ralby.

The Williamsburg-based real estate brokerage M.N.S. Real Estate had recently launched leasing last month for SOLA.

“We are thrilled to partner with M.N.S. for our inaugural development, SOLA,” Eight West Executive Director of Acquisition and Finance Rex Hakimian said. “There is no one better to handle the leasing and marketing for this project, given M.N.S.’s extensive experience and innovative approach. Their expertise is invaluable to ensure a successful leasing launch at SOLA.”

While SOLA marks the first development from Eight West, they currently have more future projects on the pipeline. These developments are intended to feature alternative strategies the partners are taking in service, quality finishes, design, amenities and transit-oriented locations.

The Hakimian Organization, for which Eight West is an affiliate, is a New York-based real estate developer, owner and manager. Partners Rex, Shawn and Jay Hakimian and Kevin Gorjian lead this operation.

email the author: news@queenspost.com
No comments yet

Leave a Comment
Reply to this Comment

All comments are subject to moderation before being posted.


The reCAPTCHA verification period has expired. Please reload the page.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Recent News

College Point man charged with arson, attempted murder for allegedly starting 2-alarm house fire: NYPD

One of the five civilians rescued by the FDNY from a 2-alarm house fire in College Point on Friday morning was arrested later in the day for allegedly starting the blaze in his first-floor apartment.

Jonathan Mejia, 33, was arraigned in Queens Criminal Court on Tuesday, Sept. 16 on a complaint charging him with arson in the first degree, four counts of attempted murder in the second degree and other related charges.